Nigeria plans to borrow $4.4 billion to finance its 2018 budget, the minister of budget and planning Udo Udoma (photo) said today June 22.

According to information relayed by Leadership, the money will help fill deficit generated by higher forecast spending (+22% compared to 2017). In this regard, $2.2 billion will be collected from domestic market while the remaining $2.3 billion from foreign sources.

Schemes aimed at diversifying income sources to reinvigorate a struggling oil-dependent economy have been planned. Key projects target infrastructure mainly railways construction which captured over $451.3 million.

Let’s recall that Nigeria’s growth is expected to pick up to 2.1% this year, according to IMF.

Moutiou Adjibi Nourou