The government’s borrowing continues this year to fund the 2018 budget.

On Wednesday, the Debt Management Office, DMO announced that it had raised additional 96.74 billion naira to finance the 2018 Appropriation Act.

A statement issued by the DMO on Wednesday said that the funds were raised through issuance of the FGN Bond in the primary debt market.

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According to the DMO, the bonds were issued for three different tenors and investors even oversubscribed it by more than 60 billion naira.

The statement said, “The FGN Bond auction for September 2018, which was conducted by the DMO on Wednesday, September 26, was oversubscribed, as was the case for the August auction.

“Total subscriptions received from bidders for the three bonds offered: five-year, seven-year and 10-year were more than 158 billion naira, against the 90 billion naira offered. Demand at the auction was concentrated on the 10-year bond, which was 313% subscribed.

“Allotments were made to successful bidders at 15% for the five-year; 15.15% for the seven-year; and 15.25% for the 10-year bond, which are consistent with the rates in the secondary market for the bonds offered at the auction.”

It added that a total of 96.74 billion naira was allotted to bidders at the auction and the proceeds would provide additional financing for the implementation of the 2018 Appropriation Act.