This is according to Finance Minister Kemi Adeosun, who was speaking on Thursday.
The West African country will also issue more international debt to pay for infrastructure projects.
The country is in its second year of recession, brought on by lower oil prices, which slashed government revenues, weakened the currency and caused dollar shortages.
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World Bank chief economist for Africa, Albert Zeufack, said that fiscal adjustments in Nigeria would be “extremely challenging” and that the country needs to reform its finances to ensure it can hedge against any future currency crisis.
Nigeria also ranks well into the bottom third of Transparency International’s global corruption index.