Nigeria proposes raising N2.2trn debt to finance 2020 budget, as President Buhari submits N10.33trn budget
Nigeria is planning to fund its budget deficit of N2.2 trillion budget deficit for next year by borrowing from domestic and international debt markets.
Africa’s biggest economy currently holds $81.2 billion (N29.3 trillion) in debts – $55.6 billion in domestic debt and $25.6 billion in foreign loans, according to the Debt Management Office.
President Muhammadu Buhari, who submitted a budget of N10.33trn for year 2020 to the Nigerian lawmakers, said the country expects to raise revenue from oil revenue of N2.64 trillion, non-oil tax revenues of N1.81 trillion and “other revenues of N3.7 trillion” to make a total of N8.155 trillion in expected revenue.
“We expect enhanced real GDP growth of 2.93% in 2020, driven largely by non-oil output, as economic diversification accelerates, and the enabling business environment improves. However, inflation is expected to remain slightly above single digits in 2020,” Buhari said.