Tuesday, July 23, 2024
HomeBusinessFederal Government plans N26tn Borrowing, N29tn For Debt Servicing

Federal Government plans N26tn Borrowing, N29tn For Debt Servicing

The Federal Government plans to take N26.42 trillion in loans between 2024 and 2026, according to the new MTEF/FSP.

The fiscal policy also indicates that debt servicing will gulp N29.92tn in three years.

The data show that the national government plans to borrow N7.81 trillion in 2024, slightly less than the N8.84 trillion targeted for the same year in the previous MTEF/FSP.

A breakdown for 2024 shows that the Federal Government plans to get N6.04 trillion from domestic lenders and N1.77 trillion from foreign creditors.

By 2025, the Federal Government plans to borrow N8.54 trillion, which is also less than the N10.62 trillion targeted for the same year in the previous MTEF/FSP.

A breakdown for 2025 showed that the Federal Government plans to get N6.42 trillion from domestic lenders and N2.12 trillion from foreign creditors.

The Federal Government plans to borrow N10.07 trillion by 2026, which consists of N8.94 trillion in domestic loans and N1.13 trillion in external debt.

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