As part of moves to finance the highly controversial budget with a staggering N3 trillion deficit, President Muhammadu Buhari heads to China to borrow $2Billion.
Femi Adesina told Reuters “I can’t tell you how much until the day the loan will be signed. Both countries will also be signing some bilateral agreements to strengthen their relationship, that is all I can say now.”
Nigeria has said it wants to raise about $5 billion abroad to cover part of its 2016 budget deficit which could be as high as 3 trillion naira ($15 billion).
Finance minister, Kemi Adeosun, also corroborated what Adeshina said “We looked at our debt profile and we recognised that one big problem is interest rate. So, we are going to try and borrow as far as possible externally,” she said at a KPMG forum in Lagos.
“We are borrowing first of all at the cheapest rates. So, multilateral loans are the cheapest.