Researched by Stanley Oronsaye (Africa Check)
In a notable move, Nigeria’s finance minister Kemi Adeosun took to Facebook Live for the first time in April, where she painted broad strokes of the country’s economy.
Outlining the government’s borrowing plans, Adeosun said the country did not have enough of its own money for the level of infrastructure spending it wanted, which she put at 30% of its budget.
“To do that, as you know, we’ve been out in the market, we’ve done the Eurobond, we’ve done 2 now at US$1.5 billion and that’s been very exciting for us because Nigeria hasn’t borrowed internationally since 2013,” she said.
It is estimated that Nigeria needs about N10.63 trillion (US$33.6 billion at current rates) to build roads, bridges, power utilities, hospitals and schools.
“We do need to go outside and borrow….
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