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Nigeria Raises Approximately $3 Billion of $4 Billion Domestic Borrowing Target

Nigeria’s federal government has successfully raised approximately $3 billion (N4.5 trillion) out of its $4 billion (N6 trillion) domestic borrowing target for 2024, according to the Director General of Debt Management Office (DMO). Speaking on Monday, the director revealed that the government has also raised $3.3 billion (N4.9 billion) of the $4.68 billion (N7 billion) approved for Ways and Means securitization. This significant achievement underscores the size, resilience, and capacity of Nigeria’s domestic financial market. The borrowed funds are critical for financing the federal budget, covering infrastructure projects, and managing public debt. The DMO highlighted the importance of continuous engagement with financial market stakeholders to ensure transparency and informed decision-making. As Nigeria navigates economic challenges, leveraging domestic securities remains a strategic approach to meet fiscal requirements and stimulate economic growth.