Kemi Adeosun (r), Nigerian Finance Minister, at a joint press conference with IMF Managing Director Christine Lagarde last month. Adeosun denied reports Nigeria has requested a $3.5bn loan from the World and African Development Banks
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Nigeria’s Finance Minister has denied reports the country has requested a $3.5bn loan from the World Bank and the ADB
According to the Financial Times (FT), Nigeria has submitted a request to the African Development Bank (ADB) and the World Bank for emergency loans worth $3.5bn. Yet shortly after the report was published, several local news outlets shared a statement from the Nigerian Finance Minister, Kemi Adeosun, in which she denied such a move had been made.
The FT wrote that the request was submitted in order to fill the gap in Nigeria’s widening budget deficit, which has reached $15bn. Purportedly, $2.5bn was requested from the World Bank and $1bn from the ADB. The FT described it as the “cheapest way possible” to reduce the budget deficit, rather than being an emergency measure.
Purportedly, $2.5bn was requested from the World Bank and $1bn from the African Development Bank
However, in her rebuttal, Adeosun was quoted as saying: ““The truth is that Nigeria, as part of the plans to fund the 2016 budget currently undergoing the approval process of the National Assembly, has indicated an intention to borrow [NGN]1.8trn principally for investment in capital projects to stimulate the economy.”
Whether the loans have actually been requested or not is unclear. What is clear, however, are the mounting challenges facing Nigeria. With its oil and natural gas sector contributing 75 percent of government revenue and a total export revenue of around 95 percent (according to the US Energy Information Administration), Africa’s biggest economy continues to be badly hit by the global oil crisis.
Adding further pressure to the slowing economy are escalating financial problems, in addition to hefty social spending programmes under the leadership of President Muhammadu Buhari. These are aimed at providing an economic stimulus, yet so far have achieved the opposite.
Given the financial difficulties in which Nigeria finds itself, confirmed reports of loan requests from international organisations such as the ADB and the World Bank could well be expected in the coming year.
Source:Worldfinance
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