FG To Secure More External Loans As Oil Revenue Dwindles

The Federal Government on Wednesday, June 25, announced that it was making plans to obtain more external loans over the next three years as earnings from oil continues to topple.

The Minister of Finance, Mrs. Kemi Adeosun, disclosed this to State House correspondents at the end of the Federal Executive Council, FEC, meeting chaired by Acting President Yemi Osinbajo.

Adeosun revealed that the government was exploring this option to allow local banks extend credit facilities to the private sector to spur economic growth.

She was accompanied by the Minister of Information, Lai Mohammed and the Minister of State for Budget and National Planning, Zainab Ahmed.

She the new policy is part of the Debt Management Strategy for this year to 2019 approved by FEC yesterday.

“Today I presented a memo to the FEC which was approved for the debt management strategy for the years 2016-2019,” the Minister said.

“Nigeria started producing debt management strategy in the year 2012 and three years debt management programme and the previous ones had expired December 2015 and there was a need for a new one.

She added: “There was a need for a new one for two reasons; one was that the previous one had expired and two; given the current economic challenges and then the economic circus of this government to reflate and diversify the economy.”