The Director-General of Nigeria’s Debt Management Office (DMO), Patience Oniha, has said that the International Capital Market has closed its doors to the country, making it impossible for the country to borrow money from the Euro bond market to fund government projects.
Oniha, who spoke while defending the agency’s 2023 budget before the House Committee on Loans and Debt, also said that the Nigerian government has so far spent about N1.2 trillion on loans taken from the Central Bank of Nigeria.
She also told the Committee that the nation’s external reserve stands at about $37.49 billion.
While speaking on the processes of raising money for the government to finance the budget, Oniha said since January this year, because of Nigeria’s rating, the international market and other countries are not looking to lend the country money.
