Nigeria, Philippines Eye Foreign Aid to Cover Budget Deficits

Nigeria is negotiating with the World Bank over a loan to help close the nation's budget gap amid decreasing government revenues due to plummeting oil prices,

reported. Nigerian Finance Minister Mansur Muhtar said the amount of the requested financing has not yet been discussed as negotiations are still "exploratory." Meanwhile, The Philippine government is also considering accessing a USD500 million loan facility from the Asian Development Bank to cover its budget shortfall, which is expected to reach some USD4 billion this year, according to

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About the author

  • Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.