Director-General, Debt Management Office, Patience Oniha, disclosed on Monday that the Federal Government borrowed N7.04 trillion locally in 2023, adding that the figure was the FG’s domestic target for the year.

She revealed this while speaking to CNBC Africa on the sidelines of the discussions for the establishment of the African Debt Managers Initiative Network spearheaded by the African Development Institute of the African Development Bank in Abuja.

Oniha said, “I am happy to say that in 2023, the new domestic borrowing was N7.04 trillion, and as we speak, that has been raised in full.

“So, I don’t need to explain how we raised it, but it has been raised. When you compare it to the N3.5 trillion of last year. It tells you that the market has debt for us to raise money.”

She noted that several of the investors in the securities issued were institutions whose balance sheets were growing including asset managers, fund managers, pension funds, insurance companies, and banks.

She added, “We still had an auction this week. Subscription levels have been good, and the rates have been very responsible below the monetary policy rate, so it just tells you that there is liquidity.”

As of the second quarter of 2023, Nigeria’s total public debt rose to N87.38 trillion according to the DMO.

It said, “Nigeria’s total public debt stock as of June 30, 2023, was N87.38 trillion ($113.42 billion). It comprises the total domestic and external debts of the Federal Government of Nigeria, the thirty-six states, and the Federal Capital Territory.

“The major addition to the Public Debt Stock was the inclusion of the N22.712 trillion securitised FGN’s Ways and Means Advances.”

Punch