DMO Raises N4.9 Trillion for Ways and Means Securitisation, Aims to Bridge Budget Deficit

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The Debt Management Office (DMO) has successfully raised N4.9 trillion out of the N7.3 trillion approved for Ways and Means securitisation. Patience Oniha, the Director General of DMO, disclosed this during an interactive session with primary dealers in the federal government securities market in Lagos. “For the Ways and Means, out of the N7 trillion approved for securitisation, we have raised N4.905 trillion,” Oniha confirmed.

She emphasized that the domestic financial market continues to be a crucial source of funding for the federal government. Additionally, Oniha revealed that N4.5 trillion has been borrowed to partly finance the N6 trillion budget deficit, with plans to cover the remaining deficit through new domestic borrowing. “Out of the new domestic borrowing of N6 trillion, we have raised N4.5 trillion,” she stated.

Reflecting on past challenges, Oniha noted that during the COVID-19 pandemic, when international markets were inaccessible, the government successfully raised the necessary funds to support the budget entirely through domestic borrowing. “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 many other African markets,” she remarked.

Oniha also highlighted the progress of Nigeria’s financial sector, pointing out that the interactive session serves as a strategic platform to plan the way forward. The session underscores the importance of continuous collaboration and innovation within the financial sector to meet the country’s funding needs and economic goals.

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