Nigeria’s President Buhari wants to borrow $30bn

grace

Nigerian President Muhammadu Buhari has requested lawmakers to approve a plan to obtain $30bn (£24bn) in foreign loans.

If you can’t get your head round $30bn, the BBC’s Naziru Mikailu in Abuja gives it a little perspective: It is more than the federal government’s entire budget from 2016.

That budget was seven trillion naira, which in December equated to $30bn.

But as the currency has fallen sharply, $30bn is now worth nine trillion naira.

The president said the money would be spent across all sectors with a special emphasis on infrastructure.

 

Source: CNN