The Federal Government is planning to borrow fresh
N4.6tn within the next three years, covering 2020 to 2022,
to finance its programmes, figures obtained from the
Ministry of Budget and National Planning have revealed.
If the N4.6tn new borrowings scale through legislative
scrutiny and get executed, then Nigeria’s indebtedness to
local and foreign creditors would hit about N29.55tn by
2022, going by the country’s current debt profile of
N24.95tn.
The fresh borrowings were contained in the Medium Term
Expenditure Framework recently submitted to the National
Assembly by President Muhammadu Buhari.
The MTEF, which is currently being worked on by the
committees on finance and appropriation, contains the
fiscal strategy of the Federal Government for the next
three years.
An analysis of the document shows that the Federal
Government is planning to borrow N1.7tn in the 2020
fiscal period.
A breakdown of the N1.7tn shows that the sum of N850bn
is expected to be sourced locally while the balance of
N850bn is expected to be raised from foreign creditors.
In the 2021 fiscal period, the government plans to borrow
N1.6tn which would be sourced in equal proportion of
N800bn each from domestic and foreign sources.
For 2022, the government projects to raise N1.3tn through
debt instruments to finance its operations. This is made
up of foreign borrowing of N650bn and domestic
borrowing of N650bn.
Experts said there was the need to be concerned about
the nation’s debt as a huge chunk of government revenue
was being spent on debt servicing.
A professor of economics at the Olabisi Onabanjo
University Ago-Iwoye, Ogun, Sheriffdeen Tella, told our
correspondent that the country currently had a debt
problem.
Tella said that with the Federal Government spending
about 20 per cent of its budget size servicing the
country’s debt, it was practically impossible for Nigeria
not to have a debt problem.
He called on the government to discontinue borrowing in
order to avoid the current situation where a huge chunk of
the country’s annual budget was spent on debt servicing.
Tella said, “We have a debt problem because when you
have problem with debt servicing, then you have a serious
debt problem.
“Currently, what we are still doing is debt servicing using a
huge proportion of the annual budget to pay debt. That is
serious because the money that you would have used for
other things is now being used to pay debt.
“We have a serious problem with debt. We should not
even accumulate further debts beyond what we currently
owe.”
Also speaking, a former Director-General, Abuja Chamber
of Commerce and Industry, Mr Chijioke Ekechukwu, said
the rising debt portends danger for the economy.


https://thenigerialawyer.com/fg-plans-n4-6tn-borrowings-debt-to-hit-n30tn/

Lifeless buhari government is the worst government so far in the Nigeria history. may almighty God save Nigerians. All is well in lifeless buhari government. meanwhile, Delta state begins reconstruction of Warri Sapele Road abandoned for years by the federal government of Nigeria. God bless delta state for this great projects.



https://www.youtube.com/watch?v=embXhWgK68I

What? They are complaining of the PI & D debt hanging on our head yet wants to do this? So what happened to all the shove up revenues the govt has been lying about(FIRS, VAT, TSA savings, Customs duties etc)?

Where also are the so called recovered looted & relooted funds? This is a govt thoroughly bereft of economic ideas but yet choose to govern by lies & political propaganda.Next level mortgaging of Nigeria to chronic financial indebtedness.

Debt portfolio increasing, no concrete developments in the country. No tangible project completed, the lives of the masses remains the same, they’re only getting poorer & poorer. What a Change & new level

See dey shld jus start using Nigerians as collateral for all dis everyday loans so dat those countries can start carrying us to their countries wen we can't pay... Sense will not kii me

That's the only thing incompetent clowns do.

By 2031, Creditors will be fighting who and which part shld each of them take.
I know all of them will be looking at Niger Delta.

What are they using all this money borrowed to do?

Either they borrow or they increase VAT/bank charges or they do both

Flyingngel:
By 2031, Creditors will be fighting who and which part shld each of them take.
I know all of them will be looking at Niger Delta.

that's where they will be targeting for the money recovery. so so bad.

Next level borrowing Their zombie and wretched supporters will come and tell us how America and other countries are borrowing.

If we don't kill APC, APC will kill us.

16yrs of hard cold opposition status has driven APC mad and they must loot to make up for the 16yrs.
#90bgang

That's nice

ChoCho54:
If we don't kill APC, APC will kill us.

16yrs of hard cold opposition status has driven APC mad and they must loot to make up for the 16yrs.
#90bgang

yes.

Racoon:
What? They are complaining of the PI & D debt hanging on our head yet wants to do this? So what happened to all the shove up revenues the govt has been lying about(FIRS, VAT, TSA savings, Customs duties etc)?

Where also are the so called recovered looted & relooted funds? This is a govt thoroughly bereft of economic ideas but yet choose to govern by lies & political propaganda.Next level mortgaging of Nigeria to chronic financial indebtedness.

can you listen to yourself? So is better to pay p&id the dubious $9b than to borrow the same money for 3yrs for development.

eTECTIV:
See dey shld jus start using Nigerians as collateral for all dis everyday loans so dat those countries can start carrying us to their countries wen we can't pay... Sense will not kii me

hahahahahahahaha, sense wil not kill you my broda

sapientia:
That's the only thing incompetent clowns do.

in pdp era, they were even dashing oyibo our hard earn money becos it was too much

.......,and the borrowing continues

ChoCho54:
If we don't kill APC, APC will kill us.

16yrs of hard cold opposition status has driven APC mad and they must loot to make up for the 16yrs.
#90bgang

that was when pdp were developing this country by dashing our money out to foreigners

buhariguy:
in pdp era, they were even dashing oyibo our hard earn money becos it was too much

Buhari's IQ which is in single digits is higher than yours.

Are you stuck in 2015?

buhariguy:
in pdp era, they were even dashing oyibo our hard earn money becos it was too much

but bro, it's almost 5 years we are out of pdp era and most of the people in apc now were part and parcel of the same pdp you are talking about.
Your master buhari has spent almost 5 years make nigerians more miserable.

izombie:
but bro, it's almost 5 years we are out of pdp era and most of the people in apc now were part and parcel of the same pdp you are talking about.
Your master buhari has spent almost 5 years make nigerians more miserable.

idiotic pigs said buhari cause their miserable, and i replied that pdp did not borrow for 16yrs, they were even dashing oyibo our hard earn money for not rendering any service, i hope you get the gist now.

cc lalasticlala cc OAM4J cc naptu cc mynd44 cc Dominique

buhariguy:
that was when pdp were developing this country by dashing our money out to foreigners

The 90b osunbande and Fowler stole, did they give it to foreigners?