FG Can Effectively Finance N2.2 Trillion Budget Deficit – NSE

The Chief Executive of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has stated that the outstanding federal government N2.2 trillion budget deficits could be adequately financed through the instruments in the capital market.

He reiterated that the stock exchange is set up to efficiently finance the economy from equity and fixed income perspective and other asset class perspective, Also the NSE will focus on making do with its strategy in order to provide a credible platform for financing the economy.

The NSE chief said: “Like many emerging markets’ governments, the Federal Government of Nigeria (FGN) is largely dependent on oil exports as its leading revenue source. Thus FGN revenue suffered extensively from sustained low commodities prices in the global market, as well as political and economic policy uncertainty leading up to and following the general elections held in April 2015.

“Sustained uncertainty in the country led to postponed decision making by business leaders in anticipation of clearer direction on economic policies, thus slowing economic activity.

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