The nation’s budget deficit has risen from N1.847 trillion to N4.563trillion, The Nation has gathered.
has gathered.
The Director General of the Debt Management Office, Patience Oniha, disclosed these 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 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. Thus, the Total New Borrowing which is all Domestic is N1.594 trillion.
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