DMO Targets N1.2trn Through FGN Bonds in First Quarter

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The Debt Management Office, (DMO), has announced plans to raise up to N1.2 trillion through FGN bonds in the first quarter of this year, 2023.

The DMO disclosed this in its FGN Bonds issuance calendar for Q1’23 released on its website. Among other things, the calendar shows that the DMO will sell between N320 billion and N400 billion worth of FGN bonds in each of the three months in Q1’23.

The federal government borrowed N4.2 trillion from local investors in the first half of the year (H1’22), representing 21 per cent, year-on-year YoY, increase from N3.89 trillion borrowed in the first half of 2021 (H1’21).

Recall that the DMO had revealed that President Muhammadu Buhari’s administration will bequeath N77 trillion debt to the next administration, as it borrows more to fund budgets’ deficit.

Analysts have also stressed that Nigeria’s debt is at the highest level and is worrisome at 83 per cent debt service-to-revenue ratio.

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