The Debt Management Office (DMO) has raised N4.9 trillion out of the N7.3 trillion approved for Ways and Means securitisation.
The Director-General of the Office, Patience Oniha, confirmed that “for the Ways and Means, out of the N7 trillion approved for securitisation, we have raised N4.905 trillion”, adding that the domestic financial market remains a major source of funding for the Federal Government.
According to her, N4.5 trillion has been raised to partly finance the N6 trillion budget deficit while the outstanding will be covered by new domestic borrowing.
Oniha further clarified that “out of the new domestic borrowing of N6 trillion, we have raised N4.5 trillion.”
She 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
Oniha also disclosed that last year, the Office raised N7 trillion as new domestic borrowing which reflected the size of the domestic market, its resilience, and its sophistication, unlike what obtained in many African markets.
Speaking during the session, thePresident of the Financial Market Dealers Association (FMDA), Nadia Zakari, pointed out that the Nigerian business environment was evolving and unique, which made the interactive sessions necessary.
He described the sessions as crucial for both market operators and the government to make informed decisions in their plan for remaining part of the year
