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Thursday, 10 August 2017

FG Restructures Debt Profile,approves the issuance of dollar-backed Treasury bills


Severely burdened by the weakening impact of Nigeria's huge debt, the Federal Government on
Wednesday searched an exit plan, supporting the issuance of dollar-upheld Treasury charges even as it broadened the development time frame from in the vicinity of 91 and 364 days to two and three years respectively.The initiative, according to an economic expert, who spoke to THISDAY Wednesday, is an impressive policy that would enable the government to restructure the country’s debt profile by borrowing less in naira but more in foreign currencies, explaining that it would bring down interest rate and facilitate the economy’s exit from recession.


The federal government also approved the 2018-2020 Medium Term Expenditure Framework and Fiscal Strategy Paper (FSP), pegging oil benchmark at $45 and retaining the prevailing N305/$ exchange rate.


Briefing newsmen at the end of the weekly FEC meeting Wednesday, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, said the MTEF targeted 3.5 per cent growth rate in 2018, 4.5 per cent in 2019 and 7 per cent in 2020, adding that government projected at 2.3 million barrel per day production volume


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