FG Raises N3.3trn Via DMO From Domestic Market To Finance 2022 Budget Deficit

24 Nov FG Raises N3.3trn Via DMO From Domestic Market To Finance 2022 Budget Deficit

The Federal Government, through the Debt Management Office (DMO), raised N3.3 trillion from the domestic market to finance the 2022 budget deficit.

To fund part of the 2022 budget deficit DMO was given a target of N3.56 trillion. Director General of the DMO, Patience Oniha at a media briefing Wednesday said in Abuja said current efforts to raise funds from the domestic market will not crowd out private investigators

“Government borrowing from the domestic market does not crowd out private sector investment in any way,” she said.

Reacting to concerns over government borrowing to fund its 2023 budget, Oniha said: “It’s difficult to predict the outcome of the market ahead of 2023, which is Nigeria’s election year.”

She said DMO has issued a fresh N100 billion Sukuk offer for subscription which is the third of its kind to raise domestic capital.