Nigeria has raised a total of N2.19 trillion through the domestic debt market so far this year, according to data from the Debt Management Office (DMO).
The debt office is mandated to issue monthly bonds at its auction to raise fund to finance the deficit component of the federal government budget.
This year, the DMO has a domestic funding target of N2.34 trillion, which represent the half of the N5.6 trillion budget deficits for this year.
The government, however, has obtained the approval of the National Assembly for a supplimentary budgt of N980 billion for the year.
This might raise the deficits target for the year and the amount the DMO is expected to raise through the domestic debt market.
To date, the amount raised from the domestic debt auction, including non-competitive sales to public agencies, showed that the debt office is on course to meet its target.
Also, the DMO recently raised $4 billion in Eurobond from the International Capital Market (ICM) to finance the external borrowing component of the 2021 budget deficits financing.
The $4 billion Eurobond raised was higher than the $3 billion initially targeted by theh debt office as overwhelming subscription by foreign investors encouraged the DMO to increase its offer.