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Nigeria Borrows to Stave Off Cash Crunch, Finance Minister Says

Nigeria has already borrowed more than half the amount it budgeted for the full year as it struggles to deal with lower income from oil, Finance Minister Ngozi Okonjo-Iweala said.

Africa’s biggest crude producer and economy has sold 473 billion naira ($2.4 billion) so far in domestic and external debt this year, within the budgeted allowance of 882 billion naira for 2015, she told reporters on Tuesday in the capital, Abuja.