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Budget Deficit Rises To N20.64tn In Five Years
According to data from the budget office, Nigeria’s budget deficit has risen to N20.64 trillion from 2016 to 2020. A budget deficit occurs when expenses exceed revenue and indicate the financial health of a country. According to the budget office, more than N7.97tn was borrowed from foreign and domestic sources to fund these deficits. Breakdown…
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Buhari Seeks Fresh N2.3Trillion Loan Amid Nigeria’s Staggering Debt
President Muhammadu Buhari has again implored the Senate to approve a N2.3 trillion loan to finance the 2021 budget deficit of N5.6 trillion. The request was read by Senate President Ahmad Lawan on the floor of the Senate at plenary on Tuesday. According to Buhari, the proposed loan would enable the Federal Government to fund…