The Federal Government is planning to borrow N120bn ($387m) in local-currency denominated bonds at an auction on September 14, the Debt Management Office has said.

The DMO said on Tuesday it would raise N40bn each from debt maturing in 2021, 2026 and 2036, using the Dutch auction system.

All the bonds are re-openings of previously issued debt.



The Federal Government has estimated it will borrow around N900bn from the local debt market this year to fund a budget deficit projected at N2.2tn.

The Central Bank of Nigeria has said it is planning to borrow N1.77bn via Treasury Bills in the last three months of the year.

In its fourth quarter Treasury bill issue programme released on Monday, the CBN said it would raise about N815.37bn, comprising 91 days, 182 days and 364 days debt instruments

In addition to the above, the central bank was also planning to raise about N952.05bn as rollover in the three categories of the instruments.

The nation’s overnight naira interbank lending rate eased to 16 per cent on Friday, down from 20 per cent recorded the previous Friday.

This followed improved naira cash liquidity after the disbursal of July budgetary allocations to Federal Government agencies.

The Federal Government distributes revenues from crude exports and taxes among the three tiers of government every month.

About N250bn ($751m) belonging to states and local government from July budget hit the banking system last week, and provided liquidity.

Total bank surplus cash with the CBN stood at N118bn on Friday, better than the N62bn recorded last Friday.

At the CBN’s Monetary Policy Committee meeting in July, the central bank raised its benchmark interest rate (Monetary Policy Rate) to 14 per cent in a bid to tighten liquidity.

http://punchng.com/fg-borrow-n120bn-local-debt-market/

Even with the trillions in recovered loot? This is a demonic government.

buhari oh.

Blood of God! I pray this man no kill us before our time

At this point it is absolutely safe to say that this liar Buhari has recovered no dime but keeps lying to please zombies. Who is going to pay for all these debts he is accumulating? In 50yrs after he might have left the post, we might still not be able to offset these bills.

It's a sorry thing that even the NASS is so irresponsible that they have failed in their constitutional responsibility to impeach the visionless president despite all these impeachable offenses.After telling us of generating so much revenue? APC is really sickening. Nigeria future is being mortgage daily by this completely futile voodoo Buharieconomics.Hence Nigerians better rise to resist this trend or we die as victims.Zombies over to you guys.

No more lies to tell.

Who will pay for all the debts this clueless government is incurring. They haven't offset the previous debt and they are borrowing more

And the debts keeps piling up.
Well done buhari.

onatisi:
And the debts keeps piling up.
Well done buhari.

Prophet onatisi,
I hail you

It will be nice if every student is made to study economic in every level no matter the course of study.

With the response from those about me it's clear that you guys don't understand the nature of Nigeria economy.

If you must criticize do it constructively bring out your points not insulting and magnifying your ignorance

A government that borrowed when crude was sold at >$90 per barrel to fund it budget and pay salaries compared with a Government that borrowed when the same crude is < $40 per barrel and production all time low. Which one is more responsible?

I refused to be mortgaged by this poverty govt

amaechi1:
A government that borrowed when crude was sold at >$90 per barrel to fund it budget and pay salaries compared with a Government that borrowed when the same crude is < $40 per barrel and production all time low. Which one is more responsible?

The question should be,
How much have they borrowed since they came into power?

pafra:
It will be nice if every student is made to study economic in every level no matter the course of study.

With the response from those about me it's clear that you guys don't understand the nature of Nigeria economy.

If you must criticize do it constructively bring out your points not insulting and magnifying your ignorance

What do you expect when most of us hardly have time to research or read to broaden our knowledge. Even if the President show up all our external reverse to all, people will still complain.

iamblisz:



The question should be,
How much have they borrowed since they came into power?

Please, I don't know. Do have any idea?

hmm

pafra:
It will be nice if every student is made to study economic in every level no matter the course of study.

With the response from those about me it's clear that you guys don't understand the nature of Nigeria economy.

If you must criticize do it constructively bring out your points not insulting and magnifying your ignorance

Bro it is sad. Even Economics graduates are blaming Buhari for the recession.
The ignorance in this country ehn brother no be here.
People are so ignorant of basic economic intelligence that I wonder how we arrive at this state.
Nigerian youths am sorry are only concerned about the latest upcoming artist and the latest hit song in town. Some of them dress like PhD holders but a little engagement of their over hyped brain will make you cry for the future of this country.
What we are actually experiencing is intellectual recession.
I hope it doesn't enter depression.

OAUTemitayo:
Bro it is sad. Even Economics graduates are blaming Buhari for the recession.
The ignorance in this country ehn brother no be here.
People are so ignorant of basic economic intelligence that I wonder how we arrive at this state.
Nigerian youths am sorry are only concerned about the latest upcoming artist and the latest hit song in town. Some of them dress like PhD holders but a little engagement of their over hyped brain will make you cry for the future of this country.
What we are actually experiencing is intellectual recession.
I hope it doesn't enter depression.

Even some so called economist are not left out. Ask them what is simple solution. Devaluation will be their response.

amaechi1:


Even some so called economist are not left out. Ask them what is simple solution. Devaluation will be their response.

The same devaluation that put us into this situation.
You only devalue to make your exports cheaper!
Sir, what are we currently exporting to warrant Such??
Baba fall my hand there.

OAUTemitayo:
The same devaluation that put us into this situation.
You only devalue to make your exports cheaper!
Sir, what are we currently exporting to warrant Such??
Baba fall my hand there.

You remember, he refused at the initial. But these so called economist mounted pressure and he fell to their opinion. Today where are we. Economics model that worked for developed countries with infrastructure, cannot work for developing countries like ours.

Onatisi is a prophet

arushiuga:
Who will pay for all the debts this clueless government is incurring. They haven't offset the previous debt and they are borrowing more

Our children children..... unborn Nigerians

Wailers' sense is eating up. Who cares if their mental corrosion is beyond repair such that they couldn't understand economic fundamentals. I so wish that they will hate every infrastuctures of this government to keep far away as much as they hate PMB.only then would i know their hate is real.
The truth has spoken!

Buhari and APC is a curse on nigeria