FG raises additional N96.7bn for budget implementation

The Debt Management Office has raised an additional N96.7 billion to finance the implementation of 2018 Appropriation Act.

This was disclosed in a statement issued by the DMO that the funds were raised through issuance of the Federal government Bond in the primary debt market.

The bonds issued for three different tenors were oversubscribed by more than N60 billion.

The Total subscriptions received for the three bonds offered for five, seven and ten year respectively were in excess of N158billion against the N90bn offered.

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Demand at the auction was concentrated on the 10-year bond which was 313 per cent subscribed.

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