The Debt Management Office (DMO) today revealed plans by the federal government to raise between 210-360 billion naira ($1.34-$2.29 bln) in sovereign bonds ranging between 5 and 20 years in the first quarter of the year in a statement.

The amount being proposed is higher than its 2012 fourth quarter debt issuance and a great amount than the debt issued in the corresponding period of last year.

The DMO said it plans to auction between 85-135 billion naira each in 5-, 7- and 10-year paper on Jan. 23, 75-135 billion naira in 5, 7, 10 and 20-year paper on Feb. 13 and sell 50-90 billion each in 5 and 10-year bonds on March 13.

All the bonds were re-openings of previous issues.

Offshore investors’ interest in local debt has surged since the inclusion of Nigeria’s debt by JP Morgan in its emerging market government bond index last October. Barclays will add Nigerian debt to its index from March 2013.

Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.