Nigerian Govt set to borrow from citizens to finance 2021 budget

Nigerian Govt set to borrow from citizens to finance 2021 budget, Minister of Finance, Zainab Ahmed reveals.

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Nigerian Government has announced plan to borrow from its citizens accounts to finance 2021 budget.

Minister of Finance, Zainab Ahmed made this known on Wednesday while having a virtual public presentation of the 2021 budget figures.

She said that for Federal government to implement the N13.59 trillion budget signed into law in December, it would have to borrow the sum of N5.6 trillion from domestic and foreign sources including a $1.2bn loan from Brazil.

The Minister explained the government is targeting about N850 billion from unclaimed dividends and dormant bank deposits. Meanwhile, the Federal Government had earlier ordered a restriction on the accounts of Endsars promoters.

“We have to get the exact report from CBN (Central Bank of Nigeria) and the registrars(of security firms) to ascertain that so it could be realised into this special a trust fund for unclaimed dividends and dormant account.”

“We are working with the CBN to regularise the previous borrowing that have been made to turn them into formal borrowing by the Nigerian economy and to this extent, the CBN and I need to agree on the rates and the tenures and the cost of the borrowing, so we would be formally doing that in the early 2021 on the previous borrowing that has been made, and also projected borrowings in 2021. So we will design special instrument that limits what is done in terms of domestic borrowing from the CBN.”

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