FG can no longer borrow to fund budget – Adeosun

Nigeria finance minister, Kemi Adeosun says the country cannot borrow anymore to fund its budget

She said the country will instead raise money it needs by other means.

At a quarterly business meeting with the private sector in Abuja, the minister called to question planned foreign loans of $2 billion from lenders like the World Bank.

The government had planned to borrow extensively from overseas to fund a record budget aimed at helping the country spend its way out of recession.

But plans for lenders like the World Bank and AFDB to loan it at least $2 billion, have been stalled as international organisations’ frustrations mounted at the country’s refusal to impose key fiscal reforms.

In May, the budget office said the country has a shortfall of $7.5 billion for its 2017 budget expenditure, and said that would be addressed with $3.5 billion from the aforementioned loans and debt.

FG can no longer borrow to fund budget – Adeosun

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