The Federal Government on Monday said that it was increasing its borrowing in the year because of the effects of coronavirus on the nation’s revenue profile.
It also anchored the increased borrowing on unexpected spending on healthcare in a bid to contain the coronavirus pandemic.
She said the deficit would be financed through domestic borrowing of N2.19tn and external borrowing of N1.98tn, amounting to N4.17tn. She said, “The revision of the 2020 budget became necessary due to the effects of COVID-19 on Nigeria’s revenues and the need for new spending on health to meet the health challenges occasioned by COVID-19.
“The N850bn 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 N1.59tn.
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