Domestic borrowing jumps 20.6%, inches towards N4trn

48



Domestic borrowing jumps 20.6%, inches towards N4trn

CBN wins 33rd edition of financial institutions football competition
CBN wins 33rd edition of financial institutions football competition
CBN Headquarters in Abuja

•2021 deficit hovers around N6.5trn

By Babajide Komolafe

THERE are indications that the Federal Government’s domestic borrowing will further escalate in the second half of the year, H2’21, as records show additional N680 billion, a huge 20.6 percent jump to N3.98 trillion from first half, H1’21, closing figure of N3.3 trillion.

This is also coming at the backdrop of a modified deficit funding plan accompanying the just concluded supplementary budget.

READ ALSO:JA Nigeria, Union Bank equip 1000 young girls with leadership skills

The FG modified 2021 fiscal plan provided a supplementary revenue projection of about N135 billion on a total supplementary expenditure of N982.7 billion, an indication that the supplementary budget would increase the annual deficit by N847.729 billion.

The Supplementary Appropriation also indicated that the deficit would be financed through a debt of about N802.102 billion; aid/grants N6.045 billion;…



Source: Vanguard Newspaper