Nigeria’s budget deficit rises beyond capacity

Nigeria’s budget deficit has risen from 1.847 trillion to 4.563 trillion naira.

The deficit figure captured in the original 2020 budget before its downward review was 1.847 trillion naira.

It has gone up 4.563 trillion naira in the revised appropriation now awaiting national assembly consideration and approval.

The director-general of the Debt Management Office (DMO), Ms. Patience Oniha, dropped the hint during her presentation before the senate committee on foreign and local debt.

Ms. Oniha said that the revised 2020 budget proposal is 10.509 trillion naira with a deficit of 4.563 trillion naira.

She said that the deficit would be financed through domestic borrowing of 2.188 trillion naira and external borrowing of 1.984 trillion naira making a total of 4.173.560 trillion naira.