Nigeria's Finance Minister says the country plans to borrow up to $5 billion from multiple sources, including the Eurobond market, to plug its deficit as it tries overcome its worst economic crisis in years through a record budget.
Africa's biggest economy and top oil producer is reeling from the fall in crude revenues, the source of 95 percent of foreign earnings, which has led to the naira hitting record lows on the parallel market amid dwindling foreign exchange reserves.
She said the government was "optimistic" that it would "receive the desired support" after cutting government costs and improving revenue collection.
Last month President Muhammadu Buhari presented a 2016 budget which states that total spending will be 6.08 trillion naira ($30.6 billion) and includes a tripling of capital expenditure to improve rail, road and power networks.
An amended version of the budget has since been submitted, although none of the estimates have changed.
Adeosun said the government was committed to its plans and would not reduce its infrastructure investments, adding that although the budget was based on an oil price of $38 per barrel there was enough flexibility for prices to be lower.
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