Tag
DMO
News and analysis about DMO
The DMO pointed out that the story referred to documents that are incomplete and do not reflect the whole story.
The FGN Savings Bond is backed by the full faith of the Federal Government of Nigeria.
For the revised budget, the oil benchmark was reduced from $57 per barrel to $28.
According to data obtained from DMO, $27.66 billion (N9.9 trillion) is the total external debt.
This shows that China is not a major source of funding for the Nigerian Government.
The DMO expects to continue to raise funds through Sukuk to support improvement in infrastructure.
The coronavirus knows no boundaries, so governments across the world are struggling to protect their populations and their economies as best they can.
Nigeria's total debt stock as at December 2019 included N21.7 trillion owed by the Federal Government and N5.6 trillion owed by the state governments.
The Senate raised an alarm that Nigeria’s total debt profile now stands at N33trillion, with the approval of the $22.7billion foreign loan request
Though the Debt Management Office (DMO) believes borrowing is necessary, it disclosed the major challenge facing the country.
All the 36 states of the federation contravened the guidelines of the DMO by contracting debts exceeding their 12-month revenues.
August Federal Government (FGN) Bonds auction, conducted on Wednesday, August 21, 2019, recorded its first undersubscription in 2 years.