N13.08tr 2021 Budget: More Loans As Nigeria Debt Hits N36.20 Trillion

President Muhammadu Buhari, yesterday, presented 2021 appropriation bill to the joint session of the National Assembly.

The President said the N13.08 trillion proposal, tagged ‘Budget of Economic Recovery and Resilience’, would “accelerate our economic recovery process, promote social inclusion and strengthen the resilience of the economy.”

He explained that N5.20 trillion, an equivalent of 40 per cent of the proposed expenditure, would be funded by new borrowings, privatisation proceeds and drawdowns on multilateral/bilateral loans secured for specific projects and programmes.

“The deficit will be financed mainly by new borrowings totalling N4.28 trillion, N205.15 billion from privatisation proceeds and N709.69 billion in drawdowns on multilateral and bilateral loans secured for specific projects and programme,” he said.

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