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The
finance minister has confirmed that Africa’s biggest economy is borrowing money
to pay government salaries.
The
news comes as Nigeria prepares to welcome a new government at the end of this
month and the country's naira currency remains in a slump, hovering between 180
and 220 to the US dollar. It was trading at 160 a few months ago.
Minister
Ngozi Okonjo-Iweala tried to be upbeat in a speech on Tuesday after lawmakers
approved the 2015 budget - revised three times because of slashed oil prices
that provide 80 percent of revenue for the government of Africa's biggest
petroleum producer.
She
said "revenue challenges" had prohibited the release of any funds for
capital expenditure this year but that food prices and single-digit inflation
remained quite stable. And she said the economy still was on course to grow 4.8
percent this year.
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