The federal government has revealed that the 2019 budget will be funded through borrowings from local and international sources.
This was disclosed by the Minister of Finance Zainab Ahmed, after Federal Executive Council (FEC) meeting in Abuja on Wednesday.
Ahmed said “We intend to fund the 2019 budget through borrowing locally and internationally with a spread of 50:50. Our focus is on concessionary long-term loans”.
The Finance Minister said local revenue generation comes with challenges, but noted that there are strategies in place to finance the 2019 budget.
Recall that over the past three years, Nigeria has borrowed funds both home and abroad, to fund its budget and infrastructural development of the country.
Stating that there are challenges attached to getting loans locally, the minister noted that the 2018 budget performed well.
“ strategies have been put in place on how to finance the 2019 budget of N8.83 trillion ($28.9 billion)” she said.