Nigeria’s Budget Deficit Hits 20.64 Trillion Naira In Four Years.

Data obtained from the budget office has revealed that the budget deficit under the administration of President Muhammadu Buhari surged to 20.64  trillion nairas within the period of 2016 to the year 2020.
According to the office, over 7.97 Trillion naira was borrowed from foreign and domestic sources to fund these deficits adding that the federal government generated revenue of 3.42 trillion naira to fund the budget in 2020.
hence, the budget deficit for the year totaled 6.59 trillion naira representing 14.17 percent of the 2020 gross domestic product while this was partly financed through domestic borrowing of 2.06 trillion naira.

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