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Adeosun: FG Not Borrowing but Refinancing Existing Debts



The Minister of Finance, Mrs. Kemi Adeosun, has explained that the federal government is not desirous of borrowing fresh loans, but seeking to refinance what is known as legacy or inherited debts.

Her explanation was sequel to reactions trailing the request by the executive arm of government to the National Assembly seeking approval of the sum of $5.5 billion to help finance the 2017 Budget.

The minister, who featured on an Arise TV programme, the broadcast arm of THISDAY Newspapers, said the APC-led government would channel $3 billion of the $5.5 billion into refinancing inherited debts from the previous administration.

She stated: “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.

THISDAY, October 26, 2017


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