The Federal Government has asked the African Development Bank for a $1bn (N199bn) loan to help fund an increased budget deficit, the bank said on Tuesday.
The AfDB, according to Reuters, stated that it was considering the loan to the continent’s largest economy and oil producer, where the drop in crude prices has hit growth, and that an appraisal mission would visit soon to work with the authorities.
The Federal Government is planning to borrow as much as $5bn to help fund a deficit due to the slump in global oil prices, which has also sent the naira into a tailspin.
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