The Federal Government will borrow N1.7 trillion to finance the 2020 budget.This was contained in documents submitted to the National Assembly for consideration by President Muhammadu Buhari.According to the MTEF documents, the deficit will largely be financed by new borrowings estimated at N1.70 trillion, while about N253.08 billion will be derived from privatization proceeds and N328.13 billion are loans to secured for specific development projects.The documents revealed that N850 billion will be foreign borrowing, while another N850 billion will be domestic borrowing.Already the total public debt stock as at December 31, 2018 was N24.3 trillion, compared to N21.73 trillion as at December 31, 2017, representing an increase of about 12.24 per cent.
FG to borrow N1.7t to finance 2020 budget
