FG To Borrow $2.8bn To Fund 2018 Budget Deficit – DMO DG

The Director General of the Debt Management Office (DMO), Patience Oniha, says the federal government is planning to borrow $2.8 billion to fund the deficit of the 2018 budget.

Oniha made this known while speaking in an interview with Reuters on Wednesday in Abuja.

“We will explore all options keeping in mind our twin objectives of extending the tenor of the debt stock and lowering costs,” she said.

Recall that the government, in 2017, used a number of debt instruments to fund the 2017 Budget deficit.

The instruments deployed includes, the FGN Savings bond, Eurobond, Green bond, Diaspora bond and Sukuk.

The debt office had also in 2017 assured that the government will rebalance its domestic and foreign debt portfolio. It said foreign debt would account for 40% of the country’s debt, while domestic will account for the remaining 60%.

At present, foreign borrowings account for 23% of the country’s debt.