Press Release on Conversion of ₦850 Billion New External Borrowing in the 2020 Appropriation Act to Domestic Borrowing

Tuesday, 28 April 2020 20:20

The 2020 Appropriation Act approved a total of ₦1,594.99 billion as New Borrowing to part-finance the Deficit in the Budget. This was made up of ₦744.99 billion Domestic Borrowing and ₦850 billion External Borrowing.

With the Covid-19 Pandemic and its attendant effect on the world economy and the International Capital Market, the Federal Government reappraised its Borrowing Plans and decided that it would be more expedient to raise the ₦850 billion, earlier approved as External Borrowing, from Domestic Sources. This conversion from External to Domestic is to ensure that the implementation of the 2020 Appropriation Act is not jeopardized by lack of funds