Adeosun made the comment while speaking at a business forum
in Abuja on Tuesday and suggested that the country will no longer seek such
loans or an additional $1.5 billion it had planned to raise 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,” she said.
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 spend its way out of its economic doldrums.
Acting President Yemi Osinbajo, signed off on its record
N7.44trillion ($24.39 billion) budget for 2017 in June.
The plan projects a deficit of N2.21trillion, implying a
deficit equivalent to 2.18% of Nigerian gross domestic product.
By Ifreke Inyang
