Wednesday, Sep 22nd 2021 8:23 AM

Market Digest Nigeria


Budget: Federal Government yet to decide the amount to borrow from World Bank

Despite the retrieved stolen funds from political looters, the federal government of Nigeria still wants to get a loan from the world bank, but are yet to decide how much it will be.

The Federal Minister of Budget and National‎ Planning Udoma  Udo Udoma, said this at the end of the federal executive council (FEC) meeting presided over by Acting President Yemi Osinbajo.‎

He explained that the amount approved by the national assembly for the 2017 budget would determine the amount they will be borrowing.

“We are waiting for the passage of the budget by the national assembly so that we will know the budget gap or the actual deficit before we can go to the World Bank for loan.”

President Muhammadu Buhari presented a budget proposal of N7.3 trillion to a joint session of the national assembly in December.

He told lawmakers that the budget would stimulate the economy and bring the country out of recession.



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