By Busari Kabirat
The Debt Management Office (DMO), has made it known how it has been able to raise the sum of N4.9 trillion out of the N7.3 trillion approved for Ways and Means securitisation.
Patience Oniha, who is the Director General of DMO, had on Monday at an interactive session with primary dealers in the federal government securities market in Lagos made this known.
She further stated that another #4.5 trillion was also borrowed to finance project.
She said: “For the Ways and Means, out of the N7 trillion approved for securitisation, we have raised N4.905 trillion.”
“Out of the new domestic borrowing of N6 trillion, we have raised N4.5 trillion.”
Patience recalled that the government was able to raise full amount needed to fund budget even when the international markets were closed during the COVID-19 era.
She noted: “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.”
Oniha also disclosed that the financial sector has really come a long way, and the interactive session is another strategic meeting to chart a way forward.
Nadia Zakari, the President of the Financial Market Dealers Association (FMDA), also spoke at the interactive session said, the Nigerian business environment is evolving and unique, which makes interactive sessions necessary.
However, the National Assembly approved President Bola Tinubu’s request for the securitisation of outstanding N7.3 trillion ways and means debt balance on December 30, 2023.
