Debt Management Office Raises N754.2 Billion in 5 Months

The Debt Management Office (DMO) has raised a total of N754.156 billion through sales of Federal Government Bond and the Savings Bond which launched early this year to source funds from retail investors.

The DMO raised N750.8 billion from its monthly bond auctions between January and April and N3.356 billion from the Savings Bond sales in March and April.

Despite the DMO raising more than the N645 billion it planned to raise for the period, investor interest seems to be waning in bond sales.

In January, the debt office issued a five, ten and twenty-year bond raising N214.95 billion instead of the N130 billion it planned to.

The 20-year bond was oversubscribed in February and again in March.

With the N7.441 trillion budget passed by the legislative arm of the government last week higher than the N7.298 trillion which was submitted by President Muhammadu Buhari, there is a budget deficit of N2.36 trillion in 2017, half of which government aims to fund through domestic borrowing.

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