Main content

Nigeria Raises Borrowing in Record Budget

Nigeria's President Muhammadu Buhari asked parliament to approve the country's biggest ever budget. He wants the government to spend more than $30bn in 2016, an increase of 20% on this year. The idea is that the money will be spent on stimulating the economy and making it more competitive by improving the country's infrastructure. But as a result the budget deficit, the gap between what the government earns and what it spends, is expected to double to $11bn, which will be funded by a significant rise in borrowing. So can Nigeria afford to get so far into the red? Susannah Streeter asked Tolu Ogun lesi, who is a journalist and blogger based in Lagos.

(Picture: Nigeria's President Buhari delivers his 2016 budget. Picture credit: Reuters.)

Release date:

Duration:

4 minutes