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Domestic securities market a major source of funding for FG – DMO
The Debt Management Office (DMO), says the Nigerian domestic securities market remains a major source of funding for the Federal Government.
The Director-General of the DMO, Patience Oniha, said this on Monday in Lagos at an interactive session with primary dealers in the Federal Government securities market.
According to Oniha, during COVID-19, when the international markets were closed, we were able to raise the full amount needed to fund the budget.
“Last year, we raised seven trillion Naira as new domestic borrowing. It speaks to the size of the domestic market, its resilience, and its sophistication, unlike we have in many African markets,’’ she said.
Oniha said that the 2024 budget had a deficit of six trillion Naira to be financed through new domestic borrowing.
She said that the National Assembly also approved N7.3 trillion Ways and Means for securitisation.
“Out of the new domestic borrowing of six trillion Naira, we have raised N4.5 trillion. For the Ways and Means, out of seven trillion approved for securitisation, we have raised N4.905 trillion.
“The financial sector has come a long way, and this is another strategic meeting to chart a way forward,’’ Oniha said.
Mrs Nadia Zakari, the President, Financial Market Dealers Association (FMDA), said that the Nigerian business environment was evolving and unique, necessitating such interactive sessions.
According to Zakari, such sessions are critical for both market operators and the Federal Government for them to be able to make decisions as they plan for the rest of the year.
“We stand as financial intermediaries, and we are in a very important position of interacting with other market operators, the end investors and the DMO,’’ she said. (NAN)
Another explosion occurred at a pipeline manifold in the Omwawriwa area of Ogba-Egbema-Ndoni Local Government Area of Rivers State on Tuesday.
This incident follows a similar explosion that shook the Trans Niger Pipeline, operated by Shell, in Bodo, Gokana Local Government Area just hours earlier.
The latest explosion reportedly took place at a manifold connected to a federal pipeline deep within the forest, which transports crude oil to Brass in Bayelsa State.
While the explosion has not yet been officially confirmed, community sources reported seeing massive flames and thick smoke rising from the oil installation in the forest.
Grace Iringe-Koko, the spokesperson for the Rivers State Police Command, stated that she would investigate the incident but had not provided a response at the time of this report.
A video obtained by our correspondent displays a large fire burning in a remote location.
In a separate development, Ijaw youths blocked the Ahoada section of the East-West Road leading to Bayelsa State on Tuesday in protest.
The demonstrators, numbering over 100, carried placards in solidarity with Rivers State Governor Siminalayi Fubara amid his political dispute with the state House of Assembly. Some of the placards read: “We demand Wike’s dismissal as FCT Minister” and “Martin Amaewhule and 26 lawmakers have defected and lost their seats.
The House of Representatives on Tuesday passed the four tax reform bills transmitted to the National Assembly in October 2024 by President Bola Tinubu.
Recall that the House had on Thursday last week, considered and approved the report of the House Committee on Finance which made some recommendations, particularly in controversial areas such as the Value Added Tax and inheritance tax.
While awaiting the Senate to similarly pass the bills, the proposed reforms are expected to be transmitted to the President for his assent in the days ahead.
Details shortly…
Two members of the house of representatives have defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).
Tajudeen Abbas, speaker of the house, announced the defections in a letter read on the floor of the lower legislative chamber on Tuesday.
More to follow…