Nigeria In One Minute
US rate hike to push up FG’s cost of borrowing
The federal government will have to take foreign loans at higher cost as it seeks to finance the 2018 budget, due to the interest rate hike in the United States.
The Minister of Budget and National Planning, Senator Udoma Udo Udoma, had said the federal government would borrow N1.6 trillion to finance part of the N9.12 trillion 2018 budget.
A significant portion of this amount was expected to come from foreign borrowing.
The United States Federal Reserve last Wednesday raised interest rates again at the end of its Federal Open Market Committee (FOMC) meeting, raising concerns of increased turmoil in emerging markets (EMs).
Specifically, the Fed increased the target for the bank’s benchmark rate by 0.25 per cent to a range of two-2.25 per cent.
THISDAY, October 8, 2018
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