FG to Borrow N2.32tr to Finance 2017 Budget

June 19, 2017
FG to Borrow N2.32tr to Finance 2017 Budget

FG to Borrow N2.32tr to Finance 2017 Budget

By Modupe Gbadeyanka

Minister of Budget and National Planning, Mr Udo Udoma, has disclosed that the Federal Government will borrow about N2.32 trillion to finance the 2017 appropriation bill recently signed into law by the Acting President, Mr Yemi Osinbajo.

Mr Udoma, while giving a breakdown of the 2017 budget in Abuja on Monday, June 19, 2017, stated that while N1.25 trillion would be sourced locally, N1.07 trillion would come from international lenders.

“The budget is to be financed mainly by borrowings which have been projected at N2.32 trillion.

“Of this amount, N1.07 trillion is intended to be sourced externally, while N1.25 trillion will be sourced domestically,” the Minister said on Monday.

At the presentation today were foreign diplomats, the Nigerian business community, economists, Ministers and top officials of the Ministry as well as the Finance Ministry.

Last Monday, the Acting President signed the N7.44 trillion 2017 budget into law nearly a month after it was passed by the National Assembly.

On December 14, 2016, President Muhammadu Buhari presented the budget to the National Assembly at the estimate of N7.30 trillion.

But the appropriation bill, christened ‘Budget of Recovery,’ was increased by the lawmakers by N143 billion to N7.44 trillion.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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