The Debt Management Office (DMO) on Tuesday clarified that N1 trillion has thus far been spent on debt financing this year out of N2.129 trillion that was raised in January and February from issuances of FGN Bonds, Nigerian Treasury Bills and FGN Savings Bonds.

The DMO, in a statement, noted that the N1 trillion only N1 trillion has represented 14.2% of the total requirement of N7.043 trillion for the year.

“It should be noted that the balance of the funds raised is for refinancing maturing obligations.

While the DMO is maximizing the opportunity provided by the strong investor demand to raise funds to facilitate early implementation of the 2023 Budget, the DMO is always guided by the law and thus, cannot exceed the legally approved New Borrowing in the Appropriation Act”, the statement stated further.