The money borrowed from the federal government in the first quarter has exceeded N3.17 trillion in total, according to records. Data obtained by The Nation Economic Intelligence showed that the government had raised N3.17 trillion in the past three months by issuing regular bonds, retail savings bonds, and treasury bills at the domestic capital market.
The borrowings doubled the government’s borrowings in the fourth quarter of last year. It remained the largest debt issuance over the past 10 quarters tracked by The Nation team.
Data show that monthly borrowings have risen steadily in the first quarter of this year, and in most cases, governments have expanded their initial offerings to offset the excess offerings.
A monthly breakdown showed that the government raised a total of N94.062 billion in January. The government, which increased its borrowings to N1.035 trillion in February, ended the quarter at N1.196 trillion.
cc: The Nation Ng
