Nigeria’s budget deficit hits N4.5tr
The nation’s budget deficit has risen from N1.847 trillion to N4.563trillion, it was learnt on Monday.
The Director General of the Debt Management Office, Patience Oniha, disclosed this during her presentation before the Senate Committee on Foreign and Local Debt considering President Muhammadu Buhari’s $5.513 billion external loan request. She said that the deficit would be financed through domestic borrowing of N2.188 trillion and external borrowing of N1.984 trillion making a total of N4.173.560 trillion.She said the increase in the New Borrowing for 2020 is due to the increase in the Deficit in the Budget from N2.18 trillion to N4.58 trillion.
“The subsisting 2020 Appropriation Act had a Total Expenditure of N10.594 trillion and a Deficit of N2.175 trillion to be part financed through New Domestic Borrowing of N744.98billion and New External borrowing of N850 billion.“The N850 billion New External Borrowing which was to be raised through Eurobonds has been converted, with the approval of the National Assembly, to Domestic Borrowing due to lack of access to the International Capital Market at this time.
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