Business News

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

The Director General of Debt Management Office, (DMO) Patience Oniha has stated that the federal government has raised N4.5 trillion out of the N6 trillion target in the 2024 budget.  

She stated this on Monday in Lagos at an interactive session with primary dealers in the Federal Government securities market where she noted that domestic securities remain a major source of federal government spending.  

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.  

In light of higher interest rates from the CBN, the Debt Management Office (DMO) FGN bond offer has seen an increased appetite from the public. The interest rates for the FGN bonds offer for April stood at 18%– one of the highest on record.