The Financial Times publication
claims that it spoke to Nigeria’s Finance Minister Mrs Kemi Adeosun and she
confirmed that the loans were not an “emergency” measure but rather the
“cheapest way possible” to fund a “deficit budget”.
Adeosun deny the report but
“Financial Times” insisted that Nigeria has asked the World Bank and African
Development Bank for $3.5bn in emergency loans to fill a growing gap in its
budget in the latest sign of the economic damage being wrought on oil-rich
nations by tumbling crude prices.”
The minister, in a
statement by her Special Adviser on Media Matters, Festus Akanbi, said “Nigeria
had not applied for any emergency loan.”
According to the Statement……………
“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 N1.8trillion principally for investment in capital projects
to stimulate the economy…The option of the World Bank is to ensure an optimum
financing structure, noting that 2016 budget is part of the Medium-term
economic framework of the Federal government, which the World Bank is aware of.
The
proposed budget deficit will be funded equally through external and domestic
sources. Nigeria is exploring the options of multi-lateral agencies like the
World Bank and AFDB and export credit agencies such as China Exim Bank due to
their concessionary interest rates.”
No comments:
Post a Comment