Nigeria plans to raise 110 billion naira ($553 million) in local currency denominated bonds on April 13, the Debt Management Office (DMO) said on Tuesday.

The office said it will sell 50 billion naira of a bond maturing in 2036, 40 billion of paper maturing in 2026 and 20 billion of debt maturing in 2020, using the Dutch auction system.

Results of the auction are expected to be released on the following day.

All the bonds on offer are reopenings of previous issues.

On Monday, the debt office said it plans to raise between 274 billion and 365 billion naira this quarter in local currency-denominated bonds, with maturities ranging between five and 20 years.

Africa’s biggest crude exporter issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

Nigeria said it will borrow about 900 billion naira locally to finance part of the 2.2 trillion naira deficit in its 2016 budget. (Channels TV)

•Photo shows DMO DG, Dr. Abraham Nwankwo.