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The Debt Management Office is seeking to appoint two lead managers and a financial adviser to arrange a planned $1 billion Eurobond this year, according to an advertorial published in the Financial Times on Monday.

The DMO said it plans to appoint two international banks as joint lead managers and a local lender as financial adviser for the first tranche of a $4.5 billion Nigeria Global Medium-Term Notes Issuance Programme, which will run until 2018.

The appointment will “enable Nigeria to have the flexibility of quickly taking advantage of favourable market conditions in the international capital market to raise funds if and only when the need arises,” the DMO said in the FT advertorial.

Interested lenders are required to submit bids for the bond issuance management by 12pm on September 19, 2016 in Abuja.

The Federal Government under President Muhammadu Buhari has been planning to tap international markets to finance Nigeria’s N6.06 trillion ($19.5 billion) 2016 budget, which has a fiscal deficit of N2.22 trillion ($7.14 billion).

According to the budget, the federal government would raise N900 billion ($2.9 billion) from foreign markets and N984 billion ($3.2 billion) from local

The planned $1 billion Eurobond will be the first time since 2013 that Nigeria will raise funds from the Eurobond market.