The Federal Government is set to inject an additional N350 billion ($1.1 billion) into the economy and raise $1 billion from Eurobonds by mid-December to ease the recession.
The Minister of Finance, Mrs. Kemi Adeosun, said in Abuja that the additional funding, on top of the initial N420 billion released in May, was primarily for capital expenditure projects that would also involve support from local banks and transaction partners.
Adeosun further disclosed that Nigeria was planning to borrow a total of N1.8 trillion at home and abroad to fund an expected budget deficit of N2.2 trillion.
According to the minister, the government has approved borrowing from the African Development Bank, China, Japan and World Bank with rates of 1.25 percent and a 20-year maturity.
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