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FG Seeks N722bn To Tackle Insecurity, After Borrowing N2.3tn To Finance Budget Deficit

FG Seeks N722bn To Tackle Insecurity, After Borrowing N2.3trn To Finance Budget Deficit

The Federal Government has disclosed plans to borrow N722.53 billion ($1.76 billion) from domestic markets to finance the fight against insecurity in Nigeria.

This disclosure was made by the Minister of Finance, Zainab Ahmed, on Wednesday.

This follows the N2.3 trillion approved by members of the National Assembly channeled towards financing the 2021 budget deficit.

Ahmed said, “The council also approved an aggregate sum of N770.60 billion to further enhance the capacity of the defence and security agencies to address current and emerging security challenges in our country.”

She added that the government would also collaborate with the World Bank to recapture some of the loans to the tune of N39.58 billion.

READ ALSO: China Ships N2tn Cargo To Nigeria In Q1

“We will be working with the World Bank to restructure some of the existing facilities to realise this N39.58 billion,” the minister said.

“The 2021 Appropriation Act provides for N4,686,775,885,696.00 as New Borrowings (item No. 328) to part-finance the 2021 Fiscal Deficit, of which 50 percent or N2,343,387,942,848.00 (about $6,183,081 ,643.40 at the Budget Exchange Rate of USD1.00/N379) is specified as New External Borrowing,” Buhari wrote to NASS.

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