Minister of Finance, Kemi Adeosun has stated that Nigeria must not borrow more to fund its budget but would raise money through other means.
Adeosun made the comment while speaking at a business forum in Abuja on Tuesday and suggested that the country will no longer seek such loans or an additional $1.5 billion it had planned to raise from international debt markets.
“We cannot borrow anymore, we just have to generate funds domestically enough to fund our budget. Mobilize revenue to fund the necessary budget increase,” she said.
Nigeria is in the middle if its first recession in 25 years,and had planned to borrow extensively from overseas, to fund a record budget aimed at helping the country spend its way out of its economic doldrums.
Acting President Yemi Osinbajo, signed off on its record N7.44trillion ($24.39 billion) budget for 2017 in June.
The plan projects a deficit of N2.21trillion, implying a deficit equivalent to 2.18% of Nigerian gross domestic product.