The Federal Government's public debt structure appears to be deviating from the target set under its National Development Plan, NDP, 2021-2025 as the value of domestic debt rose by 20.8 per cent in the first quarter of 2022, Q1'22, almost at same range with foreign debt which rose 21.6 percent against the corresponding period of 2021.

The domestic debt was N20.114 trillion in Q1'22 as against N16.513 trillion in the corresponding period 2021, while the foreign component was $39.969 billion as against $32.859 billion in the corresponding period of 2021.

The FGN bond portion grew 14.2 per cent to N14.240 trillion during the period from N12.465 trillion in the corresponding period of 2021.

The 2021 - 2025 NDP stipulates that Federal Government shall reduce its domestic borrowing and focus more on foreign sources, apparently to leave space for the private sector in the money market.

Speaking on the development analyst and investment banker /Stockbroker, Tajudeen Olayinka, said: "It is in the interest of the economy to have more private sector businesses raise corporate bond and list their securities on securities exchanges in Nigeria, either to be admitted on an OTC Exchange or listed on a regular exchange, as against FGN bond dominating the scene. The essence of the 2021-2025 NDP is defeated as government has continued to borrow more in the domestic market.

"More listing by private sector is an indication of businesses having more access to long term capital. It is good to have it this way, because private sector capital formation tends to drive economy more towards attaining full employment output, at a lower level of inflation.

"But the level of private sector capital raising in Nigeria is still not encouraging, especially if one reflects on the level of capital raising in our market before the global meltdown of 2008/2009."