Nigeria Borrows N410b To Fund 2018 Budget
Nigeria has borrowed N410 billion from the capital market to fund the 2018 budget, the Debt Management Office (DMO) has said.
Director-General of DMO Patience Oniha revealed this in Abuja on Tuesday in Abuja where she noted, also, that N1.6 trillion would be borrowed to finance about N1.95 trillion deficit in the budget.
“We witnessed as much as 50 per cent drop in revenue. [The] government had to borrow to function,” the DMO boss added.
“Even if we don’t take new loans, the devaluation of the Naira from about N165/$1 to N305/$1 created increment arising from exchange rate differential.
“But what I can assure you is that we are better off than where we are coming from.
“A major highlight in the Public Debt Data was the consistent decrease in the FGN’s Domestic Debt which declined from N12.589 trillion in December 2017 to N12.577 trillion in March 2017 and N12.151 trillion in June 2018, occasioned by the implementation of the Debt Management Strategy of the DMO.”