It continued: “Also, we are counting on assistance from other developmental partners like African Development Banks to access N1.8 trillion loan needed for Nigeria’s infrastructural development”.
Advertisement
Acting under the Umbrella of the Council of the Wise, they said “ten months after Nigeria’s historic elections that pushed out of power, the 16-years PDP Government, President Buhari’s APC-led Government remains trapped by massive state corruption that has nearly grounded the country to a halt”.
Borrowing from worldwide institutions such as the World Bank would be a cost-effective way to raise money to fund the increased capital expenditure in the 2016 budget, she said.
Oil exports are projected to fall from 70 percent of Nigeria’s revenue to less than a third.
The request is meant to help fund a $15 billion deficit in a budget heavy on public spending as Nigeria attempts to stimulate a slowing economy and offset the impact of slumping oil revenues, according to media reports. To plug a record budget gap of 3 trillion naira, Ms Adeosun said January 21 that authorities will borrow about $US5 billion in external debt from multilateral agencies and the Eurobond market.
Nigerian President Muhammadu Buhari’s administration is seeking to spend its way out of an economic crisis triggered by a collapse in oil prices.
Mr Dangote said “We’ve identified several areas in agro-processing including cotton, tea, horticulture and dairy products that both Nigeria and Kenya can work together in expanding trade between the two countries”. He had visited Kenya and Ethiopia last week.
In oil-dependent Azerbaijan and Angola, government officials have been holding talks with International Monetary Fund and World Bank officials to consider possible financing deals.
The World Bank and other institutions like the InternationalMonetary Fund have recommended that Nigeria and Angola devaluetheir currencies which both trade officially at huge premiumsto the secondary market.
Advertisement
Emerging reports suggests that the Federal Government of Nigeria (FG) has resorted into borrowing about $3.5 billion from the World Bank and African Development Bank (ADB). Angola’s currency, the kwanza, has already dropped by about 25 per cent over the past year, but it is trading at a far worse rate in unofficial markets.
