Nigeria : Nigeria aims to reduce domestic borrowing next year

Clyde C Coger Jr

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... Queen Sister appears to be on it ...

Eight years ago Nigeria was forgiven some $18 billion of external debt by the Paris club, a deal Finance Minister Okonji-Iweala brokered, so the prospect of it issuing a whole load of new external debt has raised alarm bells.
"No one in government is supportive of a return ... to high indebtedness. Having gone through tremendous stress during the quest for Paris Club debt relief, I am committed to a Nigerian economythat is fiscally prudent," she said in a statement.
Nigeria aims to reduce domestic borrowing next year


Reuters/Reuters - Nigeria's Finance Minister Ngozi Okonjo-Iweala speaks during an interview with Reuters in her office in the capital Abuja August 24, 2012. REUTERS/Afolabi Sotunde

By Joe Brock
ABUJA (Reuters) - Nigeria plans to reduce its domestic borrowing next year while increasing cheaper overseas debt to lower costs in Africa's second largest economy, the finance minister said on Friday.
Annual domestic borrowing is set to fall to below 500 billion naira in the 2014 budget, from 577 billion this year, Okonjo-Iweala said.
Nigeria's ratio of overseas debt will to around 40 percent of all debt over the next three to five years, from 12 percent currently, to lower its funding costs.
This will include issuing 80 billion naira in global depository notes and a $1 billion Eurobond this year.

http://news.yahoo.com/nigeria-aims-reduce-domestic-borrowing-next-finance-mininster-120243155.html

Peace In,
 

Alarm Clock

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Not a problem, no, not at all Alarm Clock ... We gotta keep up Mane!(that's how we say man in Memphis :rofl:)
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Always an honor to learn something new from my family, we need little things like this to really establish unity in the 50 states! We need Pan Africanism right here just as much as in the Motherland! Thanks for caring to share!
 

Clyde C Coger Jr

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In the Spirit of Sankofa,



The ministers of foreign affairs, education, science and technology, housing and urban development, national planning, and environment have been removed. The ministers of state - the junior minister for each office - for power, agriculture and defence have also been sacked.
Nigerian president sacks nine ministers in reshuffle



Nigeria's President Goodluck Jonathan inspects a military parade in his honour on arrival for bilateral …

ABUJA (Reuters) - Nigerian President Goodluck Jonathan has sacked nine ministers in his first major cabinet reshuffle since winning an election more than two years ago, a presidency spokesman said on Wednesday.
The dismissals come less than two weeks after ruling party governors and a former presidential candidate formed a splinter group opposed to Jonathan.
Nigeria's ruling People's Democratic Party has increasingly been riven by internal squabbles, centred around Jonathan's alleged intention to run again in 2015.
The positions most closely watched by foreign investors were not affected, including the ministers of finance and petroleum - the person in charge of managing Africa's biggest oil business.

suggested reading:
http://news.yahoo.com/nigerian-president-sacks-nine-ministers-reshuffle-140407509--business.html
 

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