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Federal Government to raise N917 through Treasury bill in two months

The Federal Government has concluded all plans to raise a total sum of N917.14 billion worth of treasury bills at an auction between September 14th and November 30th; the Central Bank of Nigeria (CBN) debt calendar has showed.

The government usually auction Treasury bill through the CBN, will be selling N209.85bn in 91-day bills, 197.89bn in 182-day and 509.39bn in 364-day debt.

The bank said it plans to offer N 28.12bn of three-month debt, N23.68bn in six-month bills and N89BN in one-year notes, using the Dutch auction system, on Sept 21. Settlement will be made next day after the auction.

The CBN issues treasury bills twice a month to help the government fund its budget deficit, support commercial banks in managing liquidity and curb inflation.

The country has a series of debt issues lined up this year, including a N100bn debut domestic Sukuk it is marketing to fund infrastructure projects.
Meanwhile, not less than a whopping N7.51trn has been indebted by the Federal Government and the 36 states of the federation, including the Federal Capital Territory, latest figure obtained has shown.

When considered the nation’s debt figure, which stood at N12.12trn as at June 30, 2015, skyrocketed to N19.63trn of June 2017, latest debt statistics obtained from the Debt Management Office (DMO) has revealed.

The debt stock data released by the DMO revealed that the total public debt stock (external and domestic debt stock of the Federal Government and sub-nationals) as of the end of June was N19.63tn (about $64.19bn at N305.9/$1), made up of external debt stock of N4.6tn (about $15.05bn) and domestic debt stock of N15.03tn (about $49.15bn).

The DMO said in a statement posted on its website recently that the domestic debt stock of the Federal Government and sub-nationals accounted for 76.56 per cent of the total public debt stock, while their external debt stock accounted for 23.44 per cent.

“Furthermore, the total public debt stock increased by 2.5 per cent from N19.16tn (about $62.54bn) to N19.64tn (about $64.19bn), during the period under review.

“The total external public debt stock of the Federal Government and sub-nationals increased by 8.98 per cent from $13.81bn in March 2017 to $15.05bn in June 2017, while the domestic debt stock of the Federal Government and the sub-nationals increased by 0.67 per cent from N14.93tn in March 2017 to N15.03tn in June 2017.”

However, an analysis of the debt statistics from the May 29, 2015, when the current leaders took over the reins of power, to June 30, 2017, showed that the country’s total debt had risen from N12.12tn to N19.63trillion.

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