The Minister of Finance, Kemi Adeosun, has revealed that the federal government would apply $3 billion in refinancing the legacy debts of the immediate past government of Goodluck Jonathan.
According to Adeosun, the outlay is part of the $5.5 billion foreign loan being sourced from the International Financial Markets.
The Minister, who appeared on Arise TV’s News Programme on Wednesday, said the proposed $5.5 billion loan was made up of two components which are the refinancing of heritage debts of the past administration to the tune of $3 billion and new borrowing of $2.5 billion for the 2017 Budget.
She said, “Let me explain the $5.5 billion borrowing because there have been some misrepresentations in the media in the last few weeks.
“The first component of $2.5 billion, represents new external borrowing provided for in the 2017 Appropriation Act to part finance the deficit in that Budget.
“The borrowing will enable the country to bridge the gap in the 2017 budget currently facing liquidity problem to finance some capital projects.
“The second component represents $3 billion for refinancing of heritage debts of the past administration.”
news4 years ago
Osun Government presents 2015, 2016 audited accounts…sets record as the first state in Nigeria to publicly declare accounts
crime2 years ago
Arotile’s ex-classmate had no driver’s licence, report reveals
news1 year ago
2023: Kola Abiola Set To Declare For Presidency
entertainment2 years ago
sanwo-Olu honours sacked chaplain after Ambode’s wife saga
business2 years ago
#EndSARS: Access Bank announces N50 billion interest-free facility for businesses
lifestyle5 years ago
Amazing Tips for an Outstanding Makeup
lifestyle2 years ago
US Church ‘refunds members three years tithes’ as help during COVID-19
entertainment3 years ago
See how Women now use toothpaste to tighten vagina