Nigeria's federal government said it will help pay states' creditors, including bondholders. This despite the finance ministry announcing that it will defer their debt obligations for the month of March as the regions struggle to pay civil servants. The International Monetary Fund forecasts growth in 2016 might recede to 2.3 percent. Nigeria may need to significantly increase borrowing to fund its budget and is in discussion with China, the World Bank and the African Development Bank, in addition to planning a number of renminbi-denominated bonds. The government's plan to widen the tax base and accelerate non-oil revenue to 87 percent this year is unlikely given the country's floundering economy and capital controls"
Related story: Video - President Buhari continues to defend the Naira