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

Date:

May 20, 2024.

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Azonuchechi Chukwu.

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.

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.”

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”(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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