Nigeria to refinance $3bn debts

Nigeria to refinance $3bn debts

Nigeria has unveiled plans to refinance trillions of naira-denominated treasury bills into new three-year tenured three billion dollar notes.

The plan according to the Federal Government, is part of steps to restructure the country’s domestic debt portfolio into longer term instruments and at much lower borrowing costs of around seven per cent.

Nigeria currently pays nearly 18 per cent on short-dated Naira treasuries issued each week by the Central Bank.

According to Finance Minister, Kemi Adeosun, the debt repackaging plan was approved last June by the cabinet, looking to stimulate economic growth and ease Nigeria’s cost of domestic debt servicing.

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