- Nigeria’s economic woes continue with the Federal Government borrowing N882.12 billion so far to finance the 2015 budget deficit. The amount sourced internally, included what was budgeted for internal and external borrowing for the fiscal year.
- The Permanent Secretary of the Ministry of Finance, Mrs. Anastasia Daniel-Nwaobia, said this in her presentation to the House of Representatives Ad-Hoc Committee on Non-Implementation of Capital Projects in the 2015 appropriation in Abuja on Tuesday.
- The Permanent Secretary, who was represented by the Director General, Budget Office of the Federation, Alhaji Aliyu Yahaya Gusau, said the national economic crisis and the attendant depreciation of the Naira, increase in interest rates and inflation is not unconnected with the global slowdown and its attendant impact.
The economy is not expected to outperform global growth rate of 3.3 percent. Significant drop in oil price has led to exchange rate depreciation, pushing the dollar to N197 as of June 2015. This has led to the adoption of stringent measures in fiscal and monetary policies to ensure stability in the economy she explained
