{"id":988,"date":"2017-10-26T23:39:14","date_gmt":"2017-10-26T23:39:14","guid":{"rendered":"http:\/\/nigerianews.ca\/?p=988"},"modified":"2017-10-26T23:47:11","modified_gmt":"2017-10-26T23:47:11","slug":"5-5b-loan-request-finance-minister-adeosun-dissects-rationale-behind-the-loan","status":"publish","type":"post","link":"https:\/\/nigerianews.ca\/5-5b-loan-request-finance-minister-adeosun-dissects-rationale-behind-the-loan\/","title":{"rendered":"$5.5B Loan Request: Finance Minister Adeosun Dissects Rationale Behind The Loan"},"content":{"rendered":"
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$5.5B Loan Request: Finance Minister Adeosun Dissects Rationale Behind The Loan$5.5bn Loan: Nigeria Not In Huge Debt, Adeosun Clarifies<\/em><\/p>\n<\/div>\n<\/div>\n

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October 26, 2017<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Minister of Finance, Mrs Kemi Adeosun, on Thursday, explained\u00a0the rationale behind the Federal Government\u2019s\u00a0decision\u00a0to borrow $5.5billion.<\/strong><\/em><\/p>\n

Amid concerns raised by Nigerians about\u00a0the nation\u2019s foreign debt profile, Adeosun, who appeared on Channels Television\u2019s<\/em> Sunrise Daily, said: \u201cwe are not in a huge amount of debt.\u201d<\/p>\n

The minister\u2019s statement comes more than two weeks after President Muhammadu Buhari wrote to the National Assembly, seeking the approval for $5.5bn external loans to finance the 2017 Appropriation Act.<\/p>\n

She,\u00a0however, maintained that the country\u2019s debt profile stands low when compared to developed nations.<\/p>\n

\u201cNigeria\u2019s borrowings are actually low relative to the size of our GDP; it is one of the areas where we are doing very well. We have a debt GDP of 17 percent; Ghana is 68, South Africa is about 52, most developed countries are about 50.<\/p>\n

\u201cThe threshold for a developing economy is 40; we are 17, Britain is 89, America is over a hundred. Even Germany which is probably the most conservative borrowing country in Europe is 68. So we are not in the huge amount of debt,\u201d the minister said.<\/p>\n

On the controversy trailing the proposed loan, She said, \u201cOut of that $5.5bn, $2.5bn is for the 2017 budget, $3bn is simply to refinance money that we already owe. We inherited a lot of treasury bills; so every 90 days, those bills mature and we have to pay interest on them.<\/p>\n

\u201cSo what we want to do is to take $3bn and then as the treasury bills mature, we will refinance from naira into dollar,\u201d she added.<\/p>\n

ChannelsTV<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

$5.5B Loan Request: Finance Minister Adeosun Dissects Rationale Behind The Loan$5.5bn Loan: Nigeria Not In Huge Debt, Adeosun Clarifies October 26, 2017 Minister of Finance, Mrs Kemi Adeosun, on Thursday, explained\u00a0the rationale behind the Federal Government\u2019s\u00a0decision\u00a0to borrow $5.5billion. Amid concerns raised by Nigerians about\u00a0the nation\u2019s foreign debt profile, Adeosun, who appeared on Channels Television\u2019s Sunrise […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[66],"tags":[],"yoast_head":"\n$5.5B Loan Request: Finance Minister Adeosun Dissects Rationale Behind The Loan<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nigerianews.ca\/5-5b-loan-request-finance-minister-adeosun-dissects-rationale-behind-the-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$5.5B Loan Request: Finance Minister Adeosun Dissects Rationale Behind The Loan\" \/>\n<meta property=\"og:description\" content=\"$5.5B Loan Request: Finance Minister Adeosun Dissects Rationale Behind The Loan$5.5bn Loan: Nigeria Not In Huge Debt, Adeosun Clarifies October 26, 2017 Minister of Finance, Mrs Kemi Adeosun, on Thursday, explained\u00a0the rationale behind the Federal Government\u2019s\u00a0decision\u00a0to borrow $5.5billion. 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