Nigeria hikes borrowing limit in new debt strategy
The country has increased the amount it can borrow as a proportion of GDP to 40%, partly to fund economic fallout from the pandemic
11 February 2021 - 16:54
Lagos — Nigeria increased the amount it is allowed to borrow as a proportion of GDP to 40% from 25% as part of a new debt-management strategy approved by its cabinet on Wednesday.
The higher limit will enable borrowing to fund the budget deficit and other government obligations, including promissory notes issued to settle arrears, as well as lending from the central bank, the debt management office (DMO) said in a statement on its website...
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