The Federal Executive Council (FEC) has approved refinancing of 3billion dollars worth of treasury bills as part of efforts to restructure the nation’s debt profile.
The Minister of Finance, Kemi Adeosun, briefed journalists after the FEC meeting that the FG is taking dollar denominated loans which are cheaper than the naira.
She added that the nation is not dollarizing the economy but trying to reduce the cost of borrowing.
“The strategy is to refinance our debt on the international market from naira into dollars. The approximately 900 million naira of borrowings would not be taken from the domestic market”.
Meanwhile, the Minister of Budget, Udo Udoma, has announced a projection of 2.3million barrels per day for 2018.