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FG’s borrowings exceed budgeted amount by 28.3%

FG’s borrowings exceed budgeted amount by 28.3%

Analysts at Afrinvest have warned that external borrowings would exceed budgeted amount for 2021 by 28.3 percent, by the time the National Assembly approves the recent request by the federal government to borrow additional funds.

Blueprint.ng report disclosed that the external borrowings, which include the Eurobond and the fresh request will be much higher than what was agreed on in the budget. Information guide Nigeria

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“The Afrinvest analyst said that using the US Fed average Dollar to Euro exchange rate of $1.18/€1.00 to harmonize the Euro denominated component of the loan request, the sum of the Nigeria external borrowings would definitely amount to US$8.0bn, as against the $6.2 billion budgeted.

However, in an expository naira term, this amount will translate to N3.3 trillion at the new official rate of N411.50/$1 and N3.0 trillion the old official rate of N379.00/$1. It is indeed very sad, that the effect of the bloated borrowing would have a material impact on the size of Nigeria’s debt service allocation in the subsequent fiscal budget”. dollar to naira

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