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.
