The Debt Management Office (DMO) said it has rmanaged to raise N4.5 trillion out of N6 trillion to help finance the 2024 budget deficit
During an engaging discussion with Primary Dealers Market Makers (PDMMs) in Lagos, the Director General DMO , Patience Oniah mentioned that the Debt Management Office (DMO) has raised N4.905 trillion out of the N7.3 trillion approved by the National Assembly for the securitisation of Ways & Means
She emphasized that the government continues to rely heavily on the domestic securities market for borrowing.
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She said, “With your support for the new borrowing for the 2024 budget which is N 6 trillion, we have raised N4.5 trillion. For the Ways & Means, out of the N7.3 trillion that the National Assembly approved for securitisation, we have raised N4.095 trillion as of Friday. There is still a balance and let’s see how the rest of the year goes.
“The Nigerian domestic securities market remains a major source of funding for the FG. We cannot appreciate the work we have done collectively all these years. COVID-19 came; countries could not go to international capital markets as they were closed. But we were able to raise the full amount we needed to fund the budget and that has been the case.
“Last year we raised N7 trillion from the domestic market and it speaks to the size of our market, the resilience and sophistication, which is not the case for some countries in Africa.”
