Posted on: 08:30 Fri, 22 Jan 2016



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.