National Assembly Complex, Abuja, FCT

Federal lawmakers approve government’s plan to borrow $11bn 2021

$11bn 2021

*Plan based on oil output of 1.86 million barrels a day at $40 pbd

Isola Moses | ConsumerConnect

Ahead of President Muhammadu Buhari’s official presentation of Nigeria’s Appropriation Bill 2021, Thursday, October 8, 2020, the Federal legislators have approved a plan to borrow N4.28 trillion ($11 billion) from both domestic and foreign debt markets to support its expenditure in 2021 fiscal year.

The National Assembly (NASS), following debate on the matter Wednesday, October 7, 2020, had approved the government’s medium-term expenditure plan covering the next three years, agency report said.

The spending plan provides for an estimated deficit of 5.16 trillion naira and total expenditure of N13.08 trillion.

The Federal Government is said to have retained an exchange rate of N379 to the Dollar “given the determination of the Central Bank of Nigeria to pursue unification” of rates, according to the document.

Whereas, debt service is projected to take N3.12 trillion, slightly less than the N3.58 trillion planned for infrastructure development in the next fiscal year.

Nigeria as 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, report stated.

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