Why Capital Projects Can't be Funded by Nigeria - Finance minister

Finance minister Kemi Adeosun reveals Nigeria’s inability to access foreign loans are major impediments to funding of capital projects in the 2017 budget. She said federal government could no longer fund the capital projects provided for in the 2017 national budget owing to the problem.
 The implication is that 60 percent of revenue proposed for funding the 2017 budget will now be rolled over to the next year’s budget. She said ''The cost of domestic borrowing is extremely high and our interest rates are high, this compounds our debt servicing problems. How we plan to resolve this is to borrow more from the international market because we get longer tenures and lower interest rates''. We successfully completed the Sukuk last week and we were able to raise N100 billion which is to be released this week. ''But repositioning of the economy is going to take some time so we need long and patient borrowing. ''So borrowing from the short term market or the Treasury bill at 18 per cent interest rate will be a disservice to our economy. It will compound the debt servicing''.
Adeosun asked for the support of the lawmakers in accessing foreign loans and in curbing direct submission of budget by heads of commissions and agencies.