Home Business FG Exceeds Loan Target By N1.12tn, Borrows N5.3tn

FG Exceeds Loan Target By N1.12tn, Borrows N5.3tn

1
FG Exceeds Loan Target By N1.12tn, Borrows N5.3tn

The Federal Government exceeded its borrowing by N1.15tn for the period between January and August 2022.

A copy of the public presentation of the 2023 proposed budget by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, showed that the Federal Government planned to borrow N6.10tn in 2022.

A breakdown shows that the Federal Government planned to get N3.53tn from domestic creditors and N2.57tn from foreign creditors.

READ ALSO:   FG Detects 1,500 Federal Workers With Fake Appointment Letters

According to the document, the Federal Government estimated that it would borrow N4.07tn between January and August 2022.

However, the Federal Government accumulated N5.33tn debt within the period under review, which is N1.15tn higher than the expected N4.07tn planned debt.

A further breakdown showed that the Federal Government borrowed N4.82tn from domestic creditors and N510.21bn from foreign creditors.

READ ALSO:   No Going Back On No Work, No Pay For Lecturers – FG

The debt from domestic creditors includes the Federal Government’s borrowing from the Central Bank of Nigeria through the Ways and Means Advances.

Ways and Means’s Advances are loan facilities through which the CBN finances the shortfalls in the government’s budget.

 

Follow Us on Facebook – @LadunLiadi; Instagram – @LadunLiadi; Twitter – @LadunLiadi; Youtube – @LadunLiadiTV for updates

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here