Minister of Finance, Kemi Adeosun has said that the federal government has shelved the earlier plan to seek for an additional $1.5 billion 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.”
Adeosun, who spoke today, Tuesday, at a business forum in Abuja, insisted that Nigeria must not borrow more to fund its budget but would raise money through other means.
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 get its way out of its economic doldrums. [myad]
