Wednesday, December 14, 2016

Video - Nigeria's government audit uncovers $7.2 billion concealed debt

Nigeria's government has stumbled over a debt amounting to $7.22 billion that was not recorded by the previous administration. Finance Minister Kemi Adeosun says the whooping amount emerged during an audit aimed at improving transparency. The debt owed to contractors, oil marketers, exporters and electricity distribution companies amounts to 2.3 percent of the gross domestic product. The government has now issued a 10-year promissory note to settle the amount due to creditors. President Muhammadu Buhari is expected to present the 2017 budget to a joint session of the National Assembly later on Wednesday. Nigeria is facing its worst economic crisis in 25 years, brought on by low oil prices, which have slashed government revenue, hammered its currency and caused chronic dollar shortages, frustrating businesses.

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