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Business

Federal Government Bond Raised 4.13tn In The First Half

todayJuly 29, 2024 15

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The Federal Government has raised about N4.13tn from bonds in the first
half of 2024.

This was revealed in the FMDQ Exchange Financial Markets Monthly
Report for June this year.

Value of new issuance of FBN bonds for June, which was N297.01bn, was
the lowest in six months and the highest was N1.49tn in February.

At the end of June 2024, the value of outstanding FGN bonds, which includes
savings and green bonds, stood at N26.22tn, which is about 44.49 per cent
higher than at the end of the same period in June 2023 (N18.15tn).
The Federal Government offered a N1.25tn seven-year FGN bond maturing
in 2031 and another N1.25tnn 10-year FGN bond maturing in 2034 in
February.

It received total bids of N1.9tn, making it the highest it has received in any
one FGN Securities Auction and allotted N873.53bn for the seven-year bond
and N621.38bn 10-year bond, making a total allotment of N1.49tn.

The interest rates on the bonds ranged from 18.50 per cent to 19.89 per cent.
Director General of the Debt Management Office, Patience Oniha, at an
interactive session with primary dealer market makers in Lagos, said
domestic securities remained a major source of Federal Government
spending.

 

She said, N7tn was raised last year as new domestic borrowing, which speaks
to the size of the domestic market, its resilience, and its sophistication, unlike
we have in many African markets.

 

Image credit: navi.com

Written by: Democracy Radio

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