The Debt Management Office (DMO) has made considerable progress in its Ways and Means securitization program, having raised a substantial N4.9 trillion out of the approved N7.3 trillion.
This is a move by the government to foster effective debt management and fiscal responsibility.
Yesterday, Patience Oniha, the Director General of the Debt Management Office (DMO), engaged in a fruitful dialogue with primary dealers in the federal government securities market in Lagos, using the opportunity to share vital information and provide clarity on the nation’s debt management initiatives.
“For the Ways and Means, out of the N7 trillion approved for securitisation, we have raised N4.905 trillion,” Oniha said.
Patience Oniha, the head of the Debt Management Office (DMO), highlighted the significance of the domestic financial market as a principal funding avenue for the federal government, underscoring its importance in supporting the country’s economic agenda.
The DMO Director General disclosed that a significant sum of N4.5 trillion has been secured to offset a portion of the N6 trillion budget deficit, with the remaining amount set to be financed through additional domestic borrowing arrangements.
“Out of the new domestic borrowing of N6 trillion, we have raised N4.5 trillion,” she stated.
The Director General of the DMO, Patience Oniha, noted that the government’s ability to raise the full budget funding during the COVID-19 pandemic, when international markets were closed, demonstrated its capacity to navigate challenging economic environments and find innovative solutions.
“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,’’ she noted.
Oniha said the financial sector has come a long way, and the interactive session is another strategic meeting to chart a way forward.
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Nadia Zakari, FMDA President, underscored the significance of interactive sessions in Nigeria’s business landscape, characterized by its fast-paced evolution and singularities, requiring stakeholders to convene regularly and share insights to stay ahead in the market.
Zakari further said that these sessions play a critical role in supporting both market players and government policymakers, offering a collaborative environment where they can engage in open dialogue, share best practices, and make informed choices that drive success in the remaining months of the year.
It worth noting that the National Assembly approved President Bola Tinubu’s request to convert the N7.3 trillion ways and means debt balance into securities on December 30, 2023, a move designed to optimize the nation’s debt management strategy.