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DMO raises fund for domestic borrowing

DMO

The Debt Management Office, DMO, says it has raised four point five trillion naira for domestic borrowing out of the approved six trillion Naira component proposed to fund the 2024 budget.

The Director General of the DMO, Ms Patience Oniha made this known in Lagos
at a strategic meeting with the Primary Dealers Market Makers (PDMMs) to chart a new course towards growing the for nation’s economy.

Ms Patience Oniha noted that the Nigerian Domestic Securities Market remains a major source of funding for the Federal Government .

She said ” For the ways and means, the last time we talked about how we will fund it , your own money excess cash reserves, since then you know a lot things has happened. So out of the seven trillion naira budgeted by the national Assembly for securitisation, we have raised four point nine zero five trillion naira , so i am giving you figures as at Friday. There’s still a balance in both cases, but let’s see how the end of the year goes “

The DMO DG while appreciating the Primary Dealers Market Makers for their success over time despite the challenges, commend them for their unrelenting support to the economy.

In a remark on behalf of the Market Makers , the President Mrs Nadia Zakari who thanked the DMO for the interactive, noted that constant engagement was critical to move the nation’s economy forward.

The interactive which is the second engagement this year between the stakeholders from the DMO and the PDMMs focused on the domestic borrowing for the 2024 Budget .