Budget 2020: FG in fresh bid to borrow N5.51trn

•Labour, CSOs, experts worry over rising debt profile, servicing•Borrowing in crisis time to finance recurrent expenditure bad — Experts

The new request also indicated that the government has reversed its earlier move to drastically slash the already passed 2020 budget by over N1.5 trillion to N9trillion from N10.594trillion. The reduction is now N85billion with a new proposal of N10.51 trillion. Other assumptions of the revised N10 509trillion budget are 1.98million barrels oil production per day as against 2.3million barrel oil production per day earlier appproved, exchange rate of N360 to a US dollar as against N305 to the US dollar earlier passed and approved.

By the third quarter of that year, domestic debt moved marginally to N10. 267 trillion, with the Federal Government accounting for NN8. 612 trillion and sub-nationals responsible for the balance of N1.655 trillion. The external debt inched to $10. 617 billion, bringing to total debt stock to N12. 358 trillion or $64. 197 billion.

The rise has persisted with 2018 opening quarter recoding N22.707 trillion debt stock and closing in the fourth quarter with N24. 387 trillion or $79. 436 billion. According to him, the official exchange rate has also been adjusted upwards to N360/ US$1 by the Central Bank of N igeria . At the Importers and Exporters Foreign Exchange window, where the bulk of foreign exchange transactions are consummated, the exchange rate recently depreciated from about N360/ US$1 in January, 2020 to over N385/US$1.

The Senate leader who noted that “26% of this is projected to come from oil related sources while the balance is to be earned from non-oil sources, said that provision of Stamp Duty was reduced to N200 billion from N463.95 billion, while Signature Bonus is down to N350.52 billion from N939.30 billion.

According to him, “the aggregate amount available for the Capital Expenditures in this reverse 2020 budget is N2.23 trillion, consisting of N1.264 trillion for MDAs, N100.3 billion for Covid-19 Expenditures, N20 billion for Capital Component for the Special Intervention Programme, N274.85 billion for other Capital supplementation, N141.17 billion Capital Budget for Ten GOES, N42.96 for Donor Grant Funded Expenditures and N387.30 billion funded by Project-Tied Loans.

What are you using this loan for?

I remember one of our school days child talk 'borrow borrow make me rich' justpassingby...

Borrow borrow. Dem go soon sell this country

Am sick and frankly tried of mourning the gravity and stupidity of Nigeria youth who failed to wakeup and act or ask questions for the impunity of sin's and level of corruption that is ungoing in Aso Rock

Baba don hammer 😍

They should let me borrow them na... Yeye people Thief upandan

Again, we are surely cursed as a country

He b like say dis una president dn dey mad

This man want to sell Nigeria to Chinese people.. which one is borrowing again,, wetin dey wan use that money for...

Going,going,gone..... Nigeria is gone forever. Start planing for the next phase of your life with the mind that you dont have a country.

Pls Pls and Pls I advised Nigeria government stop borrowing. Use the abacha recovered loot instead.

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