L
LequteMan
Guest
According to Minister of Finance, Kemi Adeosun, Nigeria is planning to borrow up to $5 billion from several sources, including the Eurobond market, to plug deficits in the 2016 budget.
"Our total borrowing expectations are now at 1.8 trillion naira ($9.1 billion)," she said in an article by her entitled Nigeria's Economy: The Road to Recovery, which was circulated by her ministry on Thursday.
"We hope to raise approximately $4.5 - 5 billion from multiple external sources. This includes multilateral agencies, export credit agencies and we are also planning to tap the Eurobond market," she said according to Reuters.
Nigeria has taken a hit from the global crash in crude oil prices. Crude oil is the country's main export and source of foreign exchange. The fall in oil prices has dealt a blow the value of the country's currency, the naira, which of recent has been hitting record lows at the parallel market.
"Our total borrowing expectations are now at 1.8 trillion naira ($9.1 billion)," she said in an article by her entitled Nigeria's Economy: The Road to Recovery, which was circulated by her ministry on Thursday.
"We hope to raise approximately $4.5 - 5 billion from multiple external sources. This includes multilateral agencies, export credit agencies and we are also planning to tap the Eurobond market," she said according to Reuters.
Nigeria has taken a hit from the global crash in crude oil prices. Crude oil is the country's main export and source of foreign exchange. The fall in oil prices has dealt a blow the value of the country's currency, the naira, which of recent has been hitting record lows at the parallel market.
