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Why Nigeria's Budget Is Unsustainable

Feb 2, 2016 | 09:01 GMT
A picture of naira banknotes, Nigeria's currency.
(PIUS UTOMI EKPEI/AFP/Getty Images)

Nigeria is debating its budget for 2016 -- currently being presented at 6.08 trillion naira ($30.5 billion). It is also pursuing several options to cover its estimated 2.22 trillion naira budget deficit as Abuja contends with low oil prices. Abuja is also believed to be looking to the World Bank and the African Development Bank for loans of around $3.5 billion. Although Nigeria has been quick to say that it is not pursuing an "emergency" loan, Abuja nonetheless will have a difficult financial year in 2016....

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