It also assured that the bonds were backed by the full faith and credit of the federal government and charged upon Nigeria’s general assets.
According to the statement, the debt strategy is to account for 2020 to the end of 2023.
Mr. Ikioda said 350 individuals alone account for N3.6 trillion, representing 80 percent of the N4.4 trillion of the total outstanding debt.
Despite limited funding allotted to capital projects, the budget’s projected deficit of N4.98 trillion will be financed mainly by borrowing.
In the first six months of 2020, Lagos generated the highest income at N204.5 billion; while Jigawa recorded the least at N3 billion, NBS found.
