Nigeria To Refinance $3bn Debts
SOUTH MILWAUKEE, WI (GVE) – Nigeria has unveiled plans to refinance trillions of naira-denominated treasury bills into new three-year tenured three billion dollar notes.
This was brought to bear by the Finance Minister, Kemi Adeosun. He added that the debt repackaging plan to restricting the country’s domestic debt portfolio was approved last June by the cabinet, to stimulate economic growth and ease Nigeria’s cost of domestic debt servicing.
According to the Federal Government, the plan is part of steps to restructure the country’s domestic debt portfolio into longer term instruments and at much lower borrowing costs of around seven per cent.
Nigeria currently pays nearly 18 per cent on short-dated Naira treasuries issued each week by the Central Bank.