The Debt Management Office (DMO) said it has raised N4.9 trillion out of the N7.3 trillion approved for Ways and Means securitisation.
Director General of DMO, Patience Oniha, disclosed this, yesterday, during an interactive session with primary dealers in the federal government securities market in Lagos.
“For the Ways and Means, out of the N7 trillion approved for securitisation, we have raised N4.905 trillion,” Oniha said. According to her, the domestic financial market remains a major source of funding for the federal government.
She disclosed further that N4.5 trillion has been borrowed to partly finance the N6 trillion budget deficit, adding that the deficit will be covered by new domestic borrowing. “Out of the new domestic borrowing of N6 trillion, we have raised N4.5 trillion,” she stated.
The DMO DG recalled that when the international markets were closed during the COVID-19 period, the government was able to raise the full amount needed to fund the budget. “Last year, we raised N7 trillion as new domestic borrowing. It speaks to the size of the domestic market, its resilience, and its sophistication, unlike we have in many African markets,” she noted. Oniha said the financial sector has come a long way, and the interactive session is another strategic meeting to chart a way forward.
