It’s payback time for the Nigerian government.

In the next one week, the federal government will redeem 198.03-billion-naira worth of Treasury bills that will mature between Thursday and December 21.

The agency in charge of raising the government debt, the Debt Management Office, DMO confirmed this in a statement made available to the media in Abuja on Tuesday.

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Details provided by the office showed that 131.42 billion naira and 66.62 billion naira of the treasury bills would mature on December 14 and December 21, respectively.

This is however a departure from the normal practice as government is won’t to rolling over the debt upon maturity.

The planned redemption is therefore in tandem with the government’s plan to refinance some maturing local debts with foreign loans.

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Recall that the federal government had announced a plan to refinance a $3 billion maturing domestic debt by borrowing from overseas as part of its overall strategy to reduce the amount of money it spends servicing its loans.

According to the DMO, the maturing treasury bills will be redeemed using proceeds of the $500 million raised through a Eurobond issued by the federal government in November.

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