Nigeria may borrow to fund subsidy
Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, has warned that the Federal Government may be compelled to fall back on past savings or even borrow more, to finance the 2012 Budget, due to shortfalls in oil subsidy revenue.
He told Rueters news agency in an interview that unless the N888 billion allocated for oil subsidy payment was enough, the nation may need to borrow more, or even fall back on Excess Crude Account, to finance the budget. Nigeria scrapped subsidies on gasoline imports on January 1, potentially saving the country over N1 trillion. But more than a week of strikes and protests erupted across the country against the higher cost of motor fuel, forcing the government to partially reinstate them
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