Between January and November of 2022, the Federal Government of Nigeria (FGN) borrowed a sum of N2.94 trillion from the domestic debt market to finance the 2022 budget deficit.

This represents an increase of 8.13 per cent over the N2.72trillion borrowed to finance the budget deficit between January and November of 2021.

The borrowings are contained in the Debt Management Office auction results published on its website yesterday, according to Ripples Nigeria
The FGN bonds are debt securities of the Federal Government of Nigeria (FGN) issued by the DMO to local investors.

It has the obligation to pay the bondholder, mostly Nigerians, the principal and agreed interest as and when due.

The latest FGN bond auction result for the month of November 2022 revealed that the DMO offered N225 billion for subscription to investors but raised N344.01billion through re-openings of the 14.55 per cent FGN APR 2029, 12.50 per cent FGN APR 2032 and 16.25 per cent 2037 FGN bonds. The DMO finally allotted N269.15billion to investors in November.

The agency had offered N225 billion for subscription to investors in October but raised N107.88 billion through re-openings of the 14.55 per cent FGN APR 2029, 12.50 per cent FGN APR 2032 and 16.25 per cent 2037 FGN bonds.(ripplesnigeria)