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Nigeria to borrow $10bn to finance budget

By Chris Ewokor | BBC News |

Nigeria’s President Muhammadu Buhari says the government plans to borrow more than $10bn (£7.3bn) to help finance his 2022 budget of nearly $40bn.

Nigeria's President Muhammadu Buhari
Nigeria’s President Muhammadu Buhari

There has been a public outcry about the government’s frequent borrowing, but Mr Buhari – in a presentation to parliament – said that Nigeria’s debt level was still within sustainable limits.

Presenting the budget is an annual ritual, but there aren’t enough reports about how the money is spent.

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Nigeria’s economy is plagued by high inflation as the local currency continues to lose value against major foreign currencies like the US dollar and pound sterling.

Nigeria is mainly dependent on the export of crude oil for its revenue.