The Nigerian Economic Summit Group (NESG) stated in its Macroeconomic Outlook Update released on Monday that the economy required stimulus in the region of N10.1 trillion to mitigate the shock of COVID-19 significantly.
Nigeria is facing the grim prospect of having its debt status aggravated by the country’s plan to borrow more as an alternative to dwindling revenue as the coronavirus pandemic worsens.
Government seeks to borrow more than N4.43 trillion mostly from multilateral lenders as fiscal authorities battle constraints posed by plunging oil receipts and the economic implications of the outbreak on the purse of Africa’s largest economy.
“Nigeria’s total public debt, which stood at N27.4tn as of December 2019, is expected to increase to over N30tn in 2020. Debt servicing as a share of revenue will also increase significantly,” NESG said.
The private sector group put the total value of interventions announced to combat the plague at N4.5 trillion.
Nigeria is facing the grim prospect of having its debt status aggravated by the country’s plan to borrow more as an alternative to dwindling revenue as the coronavirus pandemic worsens.
Government seeks to borrow more than N4.43 trillion mostly from multilateral lenders as fiscal authorities battle constraints posed by plunging oil receipts and the economic implications of the outbreak on the purse of Africa’s largest economy.
“Nigeria’s total public debt, which stood at N27.4tn as of December 2019, is expected to increase to over N30tn in 2020. Debt servicing as a share of revenue will also increase significantly,” NESG said.
The private sector group put the total value of interventions announced to combat the plague at N4.5 trillion.