Thursday, 8 October 2020
By Bashir Olanrewaju
President Muhammadu Buhari tabled proposals before a joint session of the legislature in Abuja on Thursday to spend more than 13 trillion naira next year to run his administration and implement development projects.
The amount is 25 percent more than the budget for the current year, with the deficit to be funded by additional borrowing of 4.28 trillion naira, about a quarter of the budget, from domestic and foreign sources.
This would mainly be done through the domestic sale of bonds and treasury bills and the issue of eurobonds in the international debt market.
Of the proposed sum, 3.58 trillion naira will go for capital projects, 3 13 trillion naira will go for debt service, while recurrent expenditure will gulp the bulk of the remainder.