Tag: Ministry of Finance

Debt Service Takes 27% as Senate Passes Adjusted 2020 Budget. Debt service accounts for more than 27% as the Nigeria passed the adjusted spending plan for fiscal year 2020 totaled ₦10.8 trillion into law.

Nigerian Senate Up Oil Price Benchmark For Budget 2020 to $28. In what looks like improved optimism about global prices of oil, the Nigerian Senate on Tuesday raised oil price benchmark for budget 2020. The Senate on Tuesday lifted the price outlook from $25 per barrel oil price benchmark proposed by the executive.

MPR Cut Positive for FG Borrowing Plan, Negative for inflation. Analysts have interpreted the Central Bank of Nigeria’s Monetary Policy Committee decision to cut rate as part of big plan to reduce the nation’s borrowing cost as budget deficits widened.

Oil supply cut will hurt Nigeria’s economy - Fitch Ratings. Fitch, an international rating, agency has stated that reduction in Nigeria’s oil supply into the market will affect growth, and impact on the nation’s external finances.

FG seeks $3.5bn from IMF, AfDB to support 2020 budget