Buhari’s government has borrowed so much money - about 21.7 trillion naira - that some industry watchers have expressed concerns. But his government is about to borrow even more – 1.6 trillion naira - to make up for revenue shortfall needed to implement the 2018 budget.

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, said the Federal Government will borrow this money to finance part of the 9.12 trillion-naira 2018 budget.

The minister said this on Thursday in Abuja at the presentation of the approved 2018 Budget of Consolidation.

Recall that the 9.12 trillion-naira 2018 budget was signed by President Muhammadu Buhari on Wednesday after it was raised from 8.61 trillion naira by the National Assembly.

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The budget expenditure was premised on oil price benchmark of 51 dollars per barrel, while crude oil production was bench-marked at 2.3 million barrels per day and exchange rate of 305 naira to one dollar.

Udoma said 793 billion naira would be borrowed domestically, while 849 naira billion would be borrowed from foreign sources to finance the budget deficit.

According to Udoma, the overall budget deficit of 1.950 trillion naira in the budget represented 1.74% of the Gross Domestic Product, GDP.

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