Nigeria will Sell NGN117.17 billion in Debt

Aisha Ahmad

To further raise more funds for its budget deficit, Nigeria has announced that it will sell debt totalling NGN117.17 billion in by the end of this month.

Looking at the break down, the Central Bank announced that it will sell NGN45.85 billion naira in three-month notes.

A total for NGN18 billion naira in six-month notes, while NGN53.32 billion naira in one-year notes.

Nigeria has fell short of its budget deficit by NGN2,2 trillion will require to borrow locally to close the gap. The major challenge for the government is that domestic borrowing is more expensive than foreign borrowing.

While it is hedge against Forex fluctuation for the government, the increasing inflationary pressure will further increase interest payment for these notes.

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