Nigeria’s Debt Management Office (DMO) has said the country will borrow N1.549 trillion from domestic and international markets to fund its 2020 budget. Nigerian President Muhammadu Buhari approved a record 10.59 trillion naira ($34.6 billion) budget for 2020 in December, returning the country to the January-December budget cycle. When Buhari took over in 2015, from $63.81 billion, Nigeria’s debt grew to $83.88 billion by June 201. Nigeria’s debt has grown more than double (N13.58 trillion) from N12.12 trillion in June 2015 to N25.70 trillion in June 2019 – due to the devaluation of naira which occurred within the period. A dollar exchanged for naira at N196.95 as at June 2015, but in June 2019, the rate weakened to N306.4 per dollar.

Source: The Guardian January 17, 2020 16:30 UTC