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FG plans N4.6tn borrowings, debt to hit N30tn.
The Federal 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.
