Nigeria's Minister Of Finance, Zainab Ahmed
The Federal Government borrowed a total of N2.32tn in 2017 to fund deficit in the budget, the Debt Management Office has said.
DMO said this in its 2017 Annual Report in Abuja on Monday.
According to DMO, the total amount was borrowed from both the domestic and the foreign debt markets.
The report said, “The total borrowing of N2, 321.77bn, comprised N1, 067.50bn and N1, 254.27bn from foreign and domestic sources, respectively, was raised to fund the 2017 budget deficit.
It added, “In 2017, the FGN shifted its focus by borrowing mainly from the external sources, thereby reducing its participation in the domestic debt market so as to create ample space for the private sector to access credits, and also as part of its debt strategy to reduce its borrowing cost and reduce pressure on investable funds in the domestic market with the aim of depressing borrowing cost.
According to the report, in the same year, the Federal Government also issued its first $300m Diaspora Bond in the International Capital Market to part finance the 2017 budget.
The debut Diaspora Bond offered Nigerians resident abroad the opportunity to partner with the government in its efforts to stimulate economic growth.
The DMO said that the bonds became the first issued by an African nation aside South Africa, which was registered with the US Securities and Exchange Commission.
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