The Debt Management Office (DMO) has successfully raised N4.9 trillion out of the N7.3 trillion approved for Ways and Means securitisation.
This disclosure was made by the Director-General of DMO, Patience Oniha, during an interactive session with primary dealers in the federal government securities market held in Lagos yesterday.
Oniha highlighted that out of the N7 trillion approved for securitisation, N4.905 trillion has been raised, emphasizing the significant role of the domestic financial market as a primary source of funding for the federal government.
She further explained that N4.5 trillion has been utilized to partially finance the N6 trillion budget deficit, with the remaining deficit to be covered through new domestic borrowing.
During the challenging period of the COVID-19 pandemic when international markets were inaccessible, the government successfully raised the required funds domestically.
Oniha commended the resilience and sophistication of the domestic market, noting that N7 trillion was raised through new domestic borrowing last year, showcasing the market's strength compared to other African markets.
The DMO Director-General explained the progress made by the financial sector and emphasized on the importance of strategic meetings like the interactive session to navigate the way forward.
President of the Financial Market Dealers Association (FMDA), Nadia Zakari, echoed the sentiment, highlighting the evolving and unique Nigerian business environment that necessitates such interactive engagements for informed decision-making by market operators and the government.
