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National Assembly

Nigerian Parliament approves N4.3 trln borrowing to finance 2021 deficits

By on October 7, 2020 0 79 Views

Ahead of Thursday presentation of the 2021 budget by President Mohammadu Buhari, the nation’s parliament has approved the country’s plans to borrow N4.28 trillion from both domestic and foreign debt markets to fund the 2021 budget deficits.

The National Assembly granted the federal government approval on Wednesday after lawmakers subjected the Medium-Term Expenditure Framework (MTEF) for 2021-2023.

President Buhari is scheduled to present the 2021 budget estimates before the joint sitting of the National Assembly on Thursday.

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The proposed budget of N13.08 trillion has inbuilt of an estimated deficit of N5.16 trillion based on $40 per barrel of crude oil exports at an exchange rate of N379 naira to the dollar.

Debt service is projected to take N3.12 trillion, slightly less than the N3.58 trillion planned for infrastructure development.

Africa’s largest crude producer sees daily crude production of 1.86 million barrels a day in 2021 at an average price of $40 a barrel.

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