Nigeria, July 22 -- The Federal Government has announced plans to raise about N729 billion through the second tranche of its Power Sector Multi-Instrument Issuance Programme to settle verified legacy debts in Nigeria's electricity sector.

The bond offer is scheduled to open on August 3 and close on August 14, with funding expected to be completed by August 24, subject to regulatory approvals.

The announcement was made at the NBET Finance Company Plc Series II Bond Investors' Forum in Abuja, where the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the government was returning to the capital market after successfully meeting its obligations under the first series.

The maiden Series I issuance raised N50...