It resonated concerns from many economists and analysts who fear the country is racing towards a debt cliff that may envelop its economic fundamentals and trigger a social crisis.
With the country already at the point where interest payment on existing debts is beginning to interfere with the operations of the economy, the borrowing plan is sure to compound a situation that is already bad by all known standards. These figures are virtually out of sync with Nigeria's current reality as far as the financial markets are concerned.
If the local market cannot absorb this quantum of borrowing, the government will most likely fall back on its Ways and Means, the euphemism for printing money or borrowing from the central bank. With this figure currently standing at about N19trn, the probability is high that it could head toward somewhere close to N30trn next year.