Nigerian leader asks for $30 billion in foreign loans
{{#rendered}} {{/rendered}}Nigeria's President Muhammadu Buhari wants $30 billion in foreign loans for infrastructure and other projects over the next three years to overcome a recession in Africa's biggest economy.
Buhari sent letters Wednesday to Parliament seeking approval to borrow $29.6 billion — more than the entire budget — for power, railways, roads, education, health and water resources.
The African oil giant has been unable to secure loans of $5 billion to plug this year's budget deficit. The World Bank reportedly is demanding further reforms. In June, Buhari's government belatedly floated the naira currency, losing 40 percent of its value.
{{#rendered}} {{/rendered}}Nigeria is suffering a foreign currency crunch forced by slumped oil prices and militant attacks that have slashed petroleum production. Oil provides 70 percent of government revenue.