Nigeria: How Nigeria's N1.95tr Budget Deficit Will Alter Debt Service Gains

Nigeria's debt stock and service bill will receive a notch up as the fourth straight budget deficit plan of about N1.95 trillion in the 2018 fiscal appropriation awaits President Muhammadu Buhari's assent.The appropriation bill of N9.2 trillion will be signed into law tomorrow.

A financial expert, backed by a source close to the legislature, said the deficit was moderated to N1.95 trillion after lawmakers increased the crude oil price benchmark to $51 per barrel and also stepped up the total spending by about N500 billion.By the usual borrowing pattern, not less than half of the deficit plan of approximately N1 trillion will be financed by foreign debt deals, while the remainder will go to the local market.

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