NIGERIA WOULD HAVE TO BORROW MONEY TO COVER ITS BUDGET DEFICIT IN 2023, ACCORDING TO A WORLD BANK DIRECTOR.

According to Shubham Chaudhuri, the World Bank’s Country Director for Nigeria, the country must borrow money to cover its budget deficit through 2023.

In response to detractors of the bank’s $800 million concessionary loan to Nigeria, Chaudhuri told Channel Television in an interview that the country had no choice but to borrow money to cover its N10.7 trillion budget deficit.

He pointed out that regardless of whether the gasoline subsidy is eliminated, the country still needs to turn to lenders to pay its deficits.

Whether Nigeria receives the $800 million loan from the World Bank or not, he asserts, “everyone needs to be clear on the fact that 2023 Nigeria’s budget is already having a projected deficit of N10.7 trillion, that is, if the fuel subsidies are removed, but if not, the deficit would be N12 trillion or more.
The fact is that Nigeria would be taking on more debt in order to cover its budget deficits. The deficits must be financed.