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abujagirl
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Nigeria may claim to be Africa's largest economy, however, all is not well with the country financially.
Africa's richest economy is borrowing money to pay salaries as it struggles through a "difficult cash crunch" brought on by halved oil prices, Nigeria's finance minister revealed on Tuesday.
The news comes as Nigeria prepares to welcome a new government at the end of month and its naira currency remains in a slump, hovering between 180 and 220 to the US dollar. It was trading at 160 a few months ago.
Minister Ngozi Okonjo-Iweala tried to be upbeat in a speech after the legislature on Tuesday approved the 2015 budget thrice revised because of slashed oil prices that provide 80% of revenue for the government of Africa's biggest petroleum producer.
She said "revenue challenges" have prohibited the release of any funds for capital expenditure this year but that food prices and single-digit inflation remain quite stable. And she said the economy still is on course to grow 4.8% this year.
Click here to read more
SOURCE: #News24
#Nigeria #Africa
Africa's richest economy is borrowing money to pay salaries as it struggles through a "difficult cash crunch" brought on by halved oil prices, Nigeria's finance minister revealed on Tuesday.
The news comes as Nigeria prepares to welcome a new government at the end of month and its naira currency remains in a slump, hovering between 180 and 220 to the US dollar. It was trading at 160 a few months ago.
Minister Ngozi Okonjo-Iweala tried to be upbeat in a speech after the legislature on Tuesday approved the 2015 budget thrice revised because of slashed oil prices that provide 80% of revenue for the government of Africa's biggest petroleum producer.
She said "revenue challenges" have prohibited the release of any funds for capital expenditure this year but that food prices and single-digit inflation remain quite stable. And she said the economy still is on course to grow 4.8% this year.
Click here to read more
SOURCE: #News24
#Nigeria #Africa
