International business and economic news platform, Financial Times reported that Nigeria is seeking an “emergency loan” of $3.5billion to help finance the 2016 budget deficit of about N2.2 trillion. But while the country’s finance minister, Ms. Kemi Adeosun, refuted this claim in a statement by her Special Adviser on Media Matters, Mr. Festus Akanbi, there is still a deficit to be cleared.
Ms. Kemi said “Nigeria, as a member of World Bank group, is entitled to access available funds like every member country,” but she is also looking at the domestic market as a means to get finance. No application for loans have been made yet. “We have held exploratory talks with the World Bank, we have not applied for emergency loans to fund the 2016 budget,” she clarified.