By Emma Ujah, Abuja Bureau Chief
Minister of Finance, Mrs. Kemi Adeosun, said, yesterday, that the Federal Government would apply US$3 billion in refinancing the legacy debts of the immediate past government.
According to her, the outlay is part of the US$5.5 billion foreign loan being sourced from the International Financial Markets.
The minister, who appeared on Arise TV’s news programme, said the proposed $5.5 billion loan was made up of two components, including refinancing of heritage debts to the tune of $3 billion and new borrowing of $2.5 billion for the 2017 Budget.
She said: “Let me explain the $5.5 billion borrowing because there have been some misrepresentations in the media in the last few weeks. The first component of $2.5 billion represents new external borrowing provided for in the 2017 Appropriation Act to part-finance the deficit in that…
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