Nigeria’s yawning deficit signals further breach of CBN Act

Nigeria is unlikely to hit the brakes on its recourse to the central bank for loans to fund the federal budget in 2023, with the government set to battle another year of a higher-than-planned fiscal deficit.

Africa’s most populous nation plans to spend N21.8 trillion against revenue of N10.5 trillion, according to the budget signed on Jan. 3 by President Muhammadu Buhari, who will leave office in May.

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