FG sold N781.25bn bonds in 2012
The Federal Government of Nigeria through the Debt Management Office sold a total of N815.15bn worth of FGN bonds in 2012, which is 5.57 per cent lower than the N863.27bn sold in 2011.
Information obtained by our correspondent from the DMO website showed that the subscription level at the end of 2012 stood at 202.38 per cent, higher than the 119.31 per cent recorded in 2011.
While the total subscription at the end of 2012 was N1.58tn, down by 8.89 per cent from N1.74tn subscribed in 2011, the total FGN bonds offered in 2012 stood at N781.25bn, which is 1.27 per cent lower than N791.27bn offered as at December 2011.
Available data from the Debt Management Office shows that Nigeria's total debt stock (both external and domestic) as at December 31, 2012 stood at N7.554tn, representing an increase of 16.03 per cent over the December 31, 2011 figure of N6.511tn.
A breakdown of the debt stock showed that external debt accounted for 13.46 per cent of the total debt stock at N1.01tbn, while domestic debt stock accounted for 86.54 per cent of the total debt stock at N6.54tn.
The report said, 'We expect the CBN to embark on monetary easing as from March 2013. This is with the intention to boost economic activities and stimulate the current weak purchasing power arising from the high unemployment rate of 23.90 per cent.
'In the short term, the outlook for inflation will be influenced by fiscal balances, base effects, pass-through effect of imported inflation, and price of food in the international market, amongst others.'