According to bond auction data issued by the Debt Management Office (DMO), the federal government borrowed N2. 94 trillion through the FGN Bond Market between January and November of 2022 to cover the 2022 budget deficit.
In comparison to the N2.72 trillion borrowed to cover the budget deficit between January and November of 2021, this represents a rise of 8.13%.
When the agency reopened the 14.55 percent FGN APR 2029, 12. 50 percent FGN APR 2032, and 16.25 percent 2037 FGN bonds in October, it raised N107. 88 billion from investors instead of the N225 billion it had requested for subscription in October.
The average yield fell by six basis points this week, according to analysts at Cordros Research, who maintained throughout the week that the FGN bonds secondary market became positive this week.