Nigeria’s president Muhammadu Buhari wants $30bn in foreign loans for infrastructure and other projects over the next three years to overcome a recession in Africa’s biggest economy.
Buhari sent letters on Wednesday to Parliament seeking approval to borrow $29.6bn — more than the entire budget — for power, railways, roads, education, health and water resources.
The African oil giant has been unable to secure loans of $5bn to plug this year’s budget deficit. The World Bank reportedly is demanding further reforms. In June, Buhari’s government belatedly floated the naira currency, losing 40% of its value.
Nigeria is suffering a foreign currency crunch forced by slumped oil prices and militant attacks that have slashed petroleum production. Oil provides 70% of government revenue.
