Buhari Seeks a New N819 billion Loan, as Domestic Debt Rises to N22.5 billion.

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As the Federal Government proposed a last-minute supplementary budget for the 2022 fiscal year, Nigeria’s domestic debt increased to N22.57 trillion.

The N819. 5 billion supplementary budget for the 2022 fiscal year, which will be used to repair various infrastructure damaged by recent floods in the country’s various states, was submitted by Buhari to the National Assembly for approval.

The supplementary will be paid for with additional domestic borrowings, increasing the deficit to GDP ratio to 4. 43 percent and the budget deficit for 2022 to N8.17 trillion.

The Federal Government can still accommodate N1. 02 trillion more in domestic debt according to its plan even with the additional N819.54 billion in borrowing.

According to a recent report by The PUNCH, the federal government plans to spend N4. 5 trillion by 2023 on interest payments on domestic debt.


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