Nige­ria plans to boost rev­enues

The Star Late Edition - - BUSINESS REPORT -

NIGE­RIA plans to get out of re­ces­sion by boost­ing gov­ern­ment rev­enues and cracking down on cor­rup­tion, Fi­nance Min­is­ter Kemi Adeo­sun said yes­ter­day, and will also is­sue more in­ter­na­tional debt to pay for in­fra­struc­ture projects. The coun­try is in its sec­ond year of re­ces­sion, brought on by lower oil prices, which slashed gov­ern­ment rev­enues, weak­ened the cur­rency and caused dol­lar short­ages. World Bank chief econ­o­mist for Africa, Al­bert Ze­u­fack, said that fis­cal ad­just­ments in Nige­ria would be “ex­tremely chal­leng­ing” and that the coun­try needs to re­form its fi­nances to en­sure it can hedge against any fu­ture cur­rency cri­sis. Nige­ria also ranks well into the bot­tom third of Trans­parency In­ter­na­tional’s global cor­rup­tion in­dex. – Reuters

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