By: Nghiinomenwa-vali Hangala
In the past eight months (January to August 2026), the government of Namibia has borrowed N$18.4 billion from the domestic capital pool to fill the national budget.
This is according to calculations done by The Villager using monthly government domestic debt updates as compiled by the Bank of Namibia.
The N$18.4 billion borrowed has covered two financial years: the previous one, which ended on 31 March 2026, and the current one in fulfilment of the budget deficit and other financial requirements.
This is done by issuing bonds and treasury notes, with a promise to pay back after certain periods with interest.
According to the compilations, monthly, the government has borrowed a minimum of N$1.2 billion from the domestic markets (institutional and retail investors) through bonds and auctions.
There are two months (2) when the government has borrowed N$2 billion for its funding needs.
Moreover, during this period, there are two months government has borrowed N$3.7 billion consecutively from the domestic pool.
The government’s access to the domestic pool also highlights the availability of capital in the country, where there is heightened conversation about accessing capital.
The government has, however, proven access as it ditches foreign capital for local capital, saying the market is liquid and there is plenty in the private sector too.
The Funding Plan shows that the Ministry of Finance assessed that the domestic market can absorb the N$7,1 billion previously earmarked for foreign financing.
This amount has been reallocated from foreign financing to domestic borrowing.
As part of its revised August–October borrowing programme, the government is currently borrowing N$10,1 billion in par, value net issuance.
This includes the N$1.2 billion Q1 cash shortfall on bonds.
The government will borrow N$27,3 billion this financial year, and foreign financing will only amount to N$1.9 billion.
This is to fill the aggregate FY2026/27 financial requirement and budget deficit, which totals N$29,221 million.
