Total money borrowed by the Nigerian government in the last six months (H1’22) according to statistics is now levelled at ₦4.2Trillion.
The reported funds Naija News understands were taken from local investors.
This represents a 21 per cent, year-on-year YoY, increase from N3.89 trillion borrowed in the first half of 2021 (H1’21).
The half of the year economic report showed that increased borrowing by the administration was driven by a 30 per cent increase in FGN Bond sales, 49 per cent increase in FGN Savings Bonds sales and about 14 per cent increase in borrowing through the Nigeria Treasury Bills.
Findings from bond auctions results revealed that the amount of FGN bonds sold in H1’22, rose to N1.84 trillion from N1.42 trillion in H1’21, representing a 30 per cent, YoY increase.
Further analysis as revealed in a report sighted by Vanguard, showed that the amounts of FGN bonds offered by the Debt Management Office, DMO, rose by 25 per cent YoY to N1.13 trillion in H1’22 from N900 billion in H1’21.
Meanwhile, total subscriptions representing demand by investors reportedly rose by 69 per cent YoY to N3.02 trillion in H1’22 from N1.79 trillion in H1’21.
The reported figures resulted in 168 per cent oversubscription up from 99 per cent record…