- Federal government directly borrowed NGN 2.8tn or 1.9% of GDP from central bank to fund 2020 fiscal deficit
- Federal government's indebtedness to CBN was NGN 9.8tn as of end-2019, so use of CBN financing pre-dated COVID-19

Macro Analysis /
NigeriaNigeria: Deficit monetization raises macro-economic risks – Fitch
21 January 2021

21 January 2021
Published byEmergingMarketWatch