Nigeria to Boost Foreign Borrowing in 2017 to Fund Budget
- Seeks cheaper debt to ease pressure on interest payments
- Government to increase spending by 12.6% to stimulate growth
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Nigeria is planning to borrow more abroad than locally to fund next year’s budget in a bid to benefit from lower debt costs and reduce pressure on its interest bill, Budget and National Planning Minister Udoma Udo Udoma said.
“There is going to be a shift to foreign, especially concessional debt,” Udoma said in an interview Tuesday in the capital, Abuja. “Lower interest rates from foreign debt will help us manage our debt servicing, and also free domestic credit for the private sector.”