The federal government has taken N4.047trn additional borrowings between January to September 2023, thereby raising fresh concerns on a repeat of the abuse of the ‘Ways and Means’ loan taken by the immediate past president, Muhammadu Buhari and the former Central Bank Governor, Godwin Emefiele.
The borrowing was taken from the domestic market.
This was disclosed in the breakdown of the 2024 executive budget proposal.
The 2023 N24.trn budget has a projected fiscal deficit of N13.79 trillion, with a pro-rata deficit of N10.33 trillion at the end of September.
However, the actual deficit was N4.05trn and was mainly financed by domestic borrowing.
