If the plan sails through legislative scrutiny, the Federal Government will be borrowing a fresh N4.6tn within the next three years, covering 2020 to 2022 to push the nation’s debt profile to N29.55 trillion.
The fresh borrowing plan is contained in the Medium Term Framework submitted to the National Assembly by President Muhammadu Buhari, containing the fiscal strategies of the Federal Government for the next three years and is being worked upon by the committees on finance and appropriation.
According to the Ministry of Budget and National Planning, the fresh borrowing is to enable government to carry out its programmes.
The nation’s current debt profile stands at N24.95 trillion.
According to the document, the Federal Government is planning to borrow N1.7tn in the 2020 fiscal period, with the sum of N850bn expected to be sourced locally while the balance of N850bn is expected to be raised from foreign creditors.
In 2021 the government also plans to borrow N1.6tn which would be sourced in equal proportion of N800bn each from domestic and foreign sources, while for 2022, the government projects to raise N1.3tn through debt instruments to finance its operations.
This is made up of foreign borrowing of N650bn and domestic borrowing of N650bn.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
If you are motivated and passionate about building a global society, founded on justice, equity, fairness, transparency, accountability and superior knowledge, kindly consider donating to Ripples Nigeria’s solutions journalism.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: Inside UNILAG’s multi-million naira budgetary abuse and academic discord
The University of Lagos located in Nigeria’s commercial capital, Lagos, has been embroiled in controversies with allegations bothering on misappropriation of...
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...