In the Spirit of Politics,
... Queen Sister appears to be on it ...
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,
... 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,