President Muhammadu Buhari needs more money. Nigeria is in a financial mess and the economical predications are bleak.
Buhari in a bid to offer Nigeria some appeasement, including plans to invest $10 billion to the Niger Delta areas of Biafra to end insurgency, has asked parliament on Tuesday to approve plans to borrow $30 billion. The money is needed to address a recession that has gripped the country for much of the year as a result of the freefall in the in the price of crude oil globally — nearly two-thirds of the Nigeria's government revenue is from the sale of oil. However, Buhari's borrowing request to parliament comes amid growing concerns about the competency of his administration.
According to Reuters: Buhari's plan, the $30 billion dollars will come from overseas lenders, such as the World Bank, and will include the sale of $4.5 billion worth of Eurobonds and a planned budget support of $3.5 billion. Buhari has already sent a draft budget for 2017 to parliament for approval, which includes the details for a record $22.55 billion stimulus aimed at pulling Nigeria out of its recession. LCC.