Lagos - Nigeria's president Muhammadu Buhari
wants $30bn in foreign loans for infrastructure
and other projects over the next three years to
overcome a recession in Africa's biggest economy.
Buhari sent letters on Wednesday to Parliament
seeking approval to borrow $29.6bn — more than
the entire budget — for power, railways, roads,
education, health and water resources.
The African oil giant has been unable to secure
loans of $5bn to plug this year's budget deficit.
The World Bank reportedly is demanding further
reforms. In June, Buhari's government belatedly
floated the naira currency, losing 40% of its
value.
Nigeria is suffering a foreign currency crunch
forced by slumped oil prices and militant attacks
that have slashed petroleum production. Oil
provides 70% of government revenue.
No comments:
Post a Comment