DMO Raises N724.9bn In February Bond Auction

The Debt Management Office, DMO, said it raised N724.9 billion in its latest bond auction.

The auction, which was held on February 13, 2023, saw 577 bids worth N724.9 billion received for the total amount offered of N360 billion.

In a statement on Monday, the country’s debt office disclosed that the total amount allotted was N771.56 billion, with successful bids at marginal rates of 13.99%, 14.90%, 15.90%, and 16.00%.

“The DMO has been actively promoting issuing FGN bonds to diversify Nigeria’s funding sources and reduce its dependence on short-term borrowing. The FGN bond market has grown significantly in recent years, with a wide range of maturities and attractive yields for investors.

“Overall, the results of the February 2023 federal government bond auction highlight the continued strong demand for FGN bonds and the government’s commitment to achieving its funding needs through the capital markets,” it said.

Nigeria’s rising debt profile has been a concern to stakeholders as DMO disclosed that the country’s debt could reach N77 trillion if the ways and means of loans are not scrutinized.