Macro Analysis /

Nigeria: Federal government borrows NGN 2.8tn from CBN to plug record large deficit

    14 January 2021
    • FGN budget recorded NGN 6.2tn deficit in 2020, overshooting budget target by 33%
    • FGN revenue fell 27% below budget target in 2020, spending exceeded budget target by 1%
    • CBN and ministry of finance discuss plans to formalize borrowing via special instruments