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Nigeria's parliament passes record budget for 2020

Nigeria's new budget paves the way for the country's likely return to the international debt market next year as it struggles to shake off the impact of a recession [File: Jean Chung/Bloomberg]

The budget assumes a deficit of 1.52 percent of estimated GDP, to be financed with foreign and domestic debt.

Nigeria's parliament passed a record 10.59 trillion naira ($35bn) budget for 2020 on Thursday, paving the way for the country's likely return to the international debt market next year as it struggles to shake off the impact of a recession.
The budget passed by lawmakers assumes a deficit of 1.52 percent of the estimated gross domestic product - representing around 2.18 trillion naira ($7.2bn) - to be financed through foreign and domestic borrowing.
In 2019, the debt office said it did not tap the international debt market because of time constraints before the end of its budget cycle. The West African country held its last Eurobond sale in 2018, its sixth outing, where it raised $2.86bn.

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