The Debt Management Office (DMO) has successfully raised N4.5 trillion for domestic borrowing out of the N6 trillion earmarked to support the 2024 budget.
Patience Oniha, Director-General of the DMO, announced this achievement during a strategic meeting with Primary Dealers Market Makers (PDMMs) in Lagos, aimed at enhancing the nation’s economic growth.
Oniha emphasized the importance of the Nigerian Domestic Securities Market as a vital funding source for the Federal Government.
“Regarding the ways and means, we discussed utilizing excess cash reserves. Of the N7 trillion budgeted by the National Assembly for securitization, we have already raised N4.905 trillion,” Oniha stated.
Nadia Zakari, President of the Market Makers, expressed gratitude to the DMO for the meeting and highlighted the necessity of ongoing dialogue to advance the national economy.
This session marked the second engagement of the year between the DMO and PDMMs, focusing on domestic borrowing for the 2024 budget.
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