Nigeria plans N4.6tn borrowings, debt to hit N30tn

October 1, 2019 by Delia Innoma 0 Comments

The Nigerian Government is planning to borrow fresh N4.6tn within the next three years, covering 2020 to 2022, to finance its programmes, figures obtained from the Ministry of Budget and National Planning have revealed.

If the N4.6tn new borrowings scale through legislative scrutiny and get executed, then Nigeria’s indebtedness to local and foreign creditors would hit about N29.55tn by 2022, going by the country’s current debt profile of N24.95tn.

The fresh borrowings were contained in the Medium Term Expenditure Framework recently submitted to the National Assembly by President Muhammadu Buhari.

The MTEF, which is currently being worked on by the committees on finance and appropriation, contains the fiscal strategy of the Federal Government for the next three years.

– Punch

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About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

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