Shubham Chaudhuri, the Country Director World Bank for Nigeria, said Africa’s most populous nation has no choice but to borrow to finance its 2023 budget deficit.
Chaudhuri disclosed this during an interview with Channels Television on Saturday, monitored by DAILY POST.
The World Bank chief was reacting to its $800 million concessionary loan offered to Nigeria.
There have been heavy criticisms from Nigerians and stakeholders concerning the $800 million loan from the world bank amid the country’s rising debt profile hovering around N77 trillion with the addition of the Central Bank of Nigeria’s Ways and Means loan.
However, Chaudhuri explained that Nigeria has no alternative but to borrow to finance its N10.7 trillion budget deficit.
He noted that whether fuel subsidy is removed or not, the country still must approach lenders to fund its deficits.
According to him, the World Bank’s $800 million is the most affordable for Nigeria now compared to loans from the domestic…
