2018 Budget: FG to borrow $2.8 billion to finance projects
Ms Patience Oniha in an interview granted Reuters in Abuja said the government was set to explore all available options to make sure there was enough capital to finance the 2018 budget.
“We will explore all options, keeping in mind our twin objectives of extending the tenor of the debt stock and lowering costs,” Oniha said.
It would be recalled that the Minister of Budget and National Planning, Senator Udoma Udo Udoma, while giving a breakdown of the budget last week, had disclosed that the deficit was to be financed mainly by borrowing N1.643 trillion.
Although with Nigeria’s debt profile unstable, the DMO is assuring that the latest borrowing intent will not affect the country’s debt management strategy.
“The debt figures show that the implementation of the debt management strategy, which entails an increase in the external debt stock through new external borrowing and the substitution of high-cost domestic debt with low-cost external debt, is achieving the desired results in several areas,” she said.