Nigeria borrows money to pay government salaries

Nigeria's Finance Minister, Ngozi Okonjo-Iweala says the country is borrowing money to pay salaries as it struggles through a difficult cash crunch brought on by halved oil prices.  

The news comes as the country prepares to welcome a new government at the end of the month and its naira currency remains in a slump, hovering between 180 and 220 to the US dollar. 

The Minister tried to be upbeat in a speech after the legislature approved the 2015 budget revised three times because of slashed oil prices that provide 80% of revenue for the government of Africa's biggest petroleum producer.  

She said revenue challenges have prohibited the release of any funds for capital expenditure this year but that food prices and single-digit inflation remain quite stable.

NEWS24