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HomeNewsGeneral NewsFG To Borrow N1.59 Trillion To Fund 2020 Budget

FG To Borrow N1.59 Trillion To Fund 2020 Budget

Patience Oniha, who is the Director-General of the Nigeria’s Debt Management Office (DMO) said, the country will borrow N1.549 trillion from domestic and international markets to fund its 2020 budget.

FG To Borrow N1.59 Trillion To Fund 2020 Budget

Revealing this on Friday she maintain that, N805 billion will be borrowed externally, while N744 billion will be borrowed from the domestic market.

According to her, N150 billion of the required funds will be sourced through the sale of Sukuk bonds.

It can be recalled that, the Nigerian President Muhammadu Buhari approved a record 10.59 trillion naira ($34.6 billion) budget for 2020 in December, returning the country to the January-December budget cycle.

The budget assumes a deficit of 1.52% of the estimated gross domestic product while crude production is assumed at 2.18 million barrels a day with an oil price of $57 per barrel.


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