FG raises N7.2trn via bonds to address funding shortfall

…Borrowing still below N29trn domestic provision

The federal government has raised nearly N7.2 trillion through bond auctions so far this year, placing the domestic financial system at the centre of an increasingly difficult effort to finance the country’s widening fiscal needs, data obtained by Daily Sun revealed yesterday.
According to the data, the sum, raised by the Debt Management Office (DMO), excludes borrowing through treasury bills, sukuk and other instruments. It nevertheless offers an early indication of the scale of government recourse to banks, pension funds, asset managers and other local institutions as the country seeks to fund a N31.5 trillion budget deficit.
The ...