Politics
Breaking: Domestic Borrowing Records A Remarkable 134% Jump-Reaching N52tn (Full Details)
The Director-General of the Debt Management Office, Patience Oniha, has revealed that the total domestic debt stock may have surged by 133.95%, reaching N51.96tn by the end of 2023. This disclosure follows the Federal Government’s successful raising of N7.04tn through new domestic borrowing in the same year…..CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

Speaking at the discussions for the African Debt Managers Initiative Network in Abuja, Oniha highlighted the substantial growth in domestic borrowing compared to the previous year, emphasizing the robust market demand for government debt. Nigeria’s total domestic debt stood at N22.21tn by December 2022, soaring to N48.32tn by June 2023.
The significant increase was explained by the Debt Management Office, citing the inclusion of the N22.71tn securitized FGN’s Ways and Means Advances in domestic borrowings. Excluding this, the total domestic borrowings would have been N25.60tn. Combining the end-of-2022 domestic debt, new borrowings in 2023, and securitized Ways and Means Advances, the total domestic debt is estimated at N51.96tn.
Oniha commented on the diverse investor base, including asset managers, fund managers, pension funds, insurance companies, and banks participating in government securities auctions. Despite global uncertainties, she expressed optimism about stability returning to the market based on available data.
Regarding the foreign market, Oniha noted higher rates due to inflation and cautious foreign investors, emphasizing their preference for highly rated securities offering attractive yields. She anticipated the government’s continued participation in the domestic market in 2024.
On revenue challenges, Oniha acknowledged the country’s historical dependence on oil revenue and the efforts to improve revenue generation through fiscal reforms and taxes. She highlighted the potential reduction in borrowing needs with increased revenues, leading to improved service delivery and a lower debt-service to revenue ratio.
As of Q2 2023, Nigeria’s total public debt reached N87.38tn, encompassing both domestic and external debts of the Federal Government, states, and the Federal Capital Territory. Minister of Finance Wale Edun emphasized the need for revenue generation to reduce the reliance on borrowing, aligning with international efforts to stabilize economies and foster investment growth by curbing inflation.
latest
UNIABUJA Honours Odili, Ali, Issa As 17,300 Students Graduate.
Yakubu Gowon University (formerly University of Abuja) has graduated 17,300 students at its combined 29th and 30th convocation ceremonies held on Saturday at the main campus.....KINDLY READ THE FULL STORY HERE▶
latest
FG Bans Importation Of Paracetamol, Metronidazole And Other Medicines.
The Federal Government has released an updated list of items banned from importation into Nigeria, in a move aimed at protecting local industries and reducing pressure on foreign exchange.....KINDLY READ THE FULL STORY HERE▶
latest
Momodu Defends Atiku Amid Age Criticism Ahead Of 2027 Presidential Contest.
ADC chieftain and publisher, Dele Momodu, has dismissed calls for former Vice President Atiku Abubakar to withdraw from the 2027 presidential race, describing the push as unfair and politically motivated.....KINDLY READ THE FULL STORY HERE▶
-
latest8 months ago“Social Media Erupts As Jim Iyke Declares Rita Dominic Nollywood’s Most Beautiful”
-
latest2 years agoEdo Political Showdown: Oshiomhole Appears At Presidential Villa As Tinubu Hands APC Gubernatorial Flag To Okpebholo (Photos & Video)
-
entertainment2 years agoLove Knows No Age American Woman Defends Marriage To Young Nigerian Man “I’m Not 70”
-
latest2 years agoOlumide Akpata Strikes Again: Drops Killer Track, Sends Edo State Into Frenzy!(Video)
-
Politics2 years agoNigerians React As Pastor Adeboye Foresees Passing Away On A Sunday After Enjoying A Satisfying Meal Of Pounded Yam
-
latest2 years agoFG Identifies 31 States At Risk Of Heavy Flooding In 2024: See Full List
-
Politics2 years agoBREAKING: Inspector-General Of Police Summons Top Police Commanders For Crucial-Security Challenges
-
latest2 years ago5 NYSC Corpers Perish In Fatal Road Accident Returning From Camp
