Presidency raises N4.5 trillion out of N6 trillion domestic borrowing target in 2024 – DMO

In the words of Patience Oniha, Director General of the Debt Management Office (DMO), the federal government has raised N4.5 trillion of the N6 trillion budgeted for 2024. She made this claim on Monday in Lagos during a Q&A session with principal dealers in the Federal Government securities market, pointing out that domestic securities continue to be a significant source of funding for the federal government.

She stated, “Last year, we raised seven trillion Naira 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.”

“Out of the new domestic borrowing of six trillion Naira, we have raised N4.5 trillion. For the Ways and Means, out of seven trillion approved for securitisation, we have raised N4.905 trillion. The financial sector has come a long way, and this is another strategic meeting to chart a way forward.”

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Mrs. Nadia Zakari, President of the Financial Market Dealers Association (FMDA), stated that the evolving and unique Nigerian business environment necessitates interactive sessions.

Zakari emphasized that these sessions are crucial for both market operators and the Federal Government, enabling informed decision-making as they plan for the rest of the year.

She said, “We stand as financial intermediaries, and we are in a very important position of interacting with other market operators, the end investors and the DMO”