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.
