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Minister of Finance, Mrs. Kemi Adeosun, has said the Federal Government will borrow internationally and locally to finance the deficit in the 2016 budget, SignalNg reports.
The minister in an online publication revealed that the development was as a result of dwindling oil prices which is putting pressure on the economy.
According to Mrs Adeosun, “the deficits in the 2016 budget – which I based on an oil price of $38 per barrel – will more than double to N2.2 trillion.
Nigeria has a debt-to-GDP ratio of 12 per cent, compared with 57 per cent for Angola and 48 per cent for South Africa, according to the International Monetary Fund (IMF). This feat is expected to assist the country in borrowing internationally.
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The minister in an online publication revealed that the development was as a result of dwindling oil prices which is putting pressure on the economy.
According to Mrs Adeosun, “the deficits in the 2016 budget – which I based on an oil price of $38 per barrel – will more than double to N2.2 trillion.
Nigeria has a debt-to-GDP ratio of 12 per cent, compared with 57 per cent for Angola and 48 per cent for South Africa, according to the International Monetary Fund (IMF). This feat is expected to assist the country in borrowing internationally.
Read more