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FG unveils 3-year debt management strategy

22 June 2016, 06:12

Abuja - The Federal Government yesterday unveiled its new 3-year debt management strategy that will look to diversify capital funds and economic recovery, Vanguard reports.

The new debt management strategy will run from 2016 to 2019 with a marginal increase in external borrowing, increased commitment to capital projects execution and long term borrowing as against short term borrowing.

Also read: Senate questions N120bn bailout of aviation sector

The Federal Government with these changes will be looking to tackle unemployment, poverty and Nigeria's over reliance on accumulating.

It will also revise its debt strategies, remixing the public debt portfolio from 84 percent domestic and 16 percent external to 60 percent domestic and 40 percent external.

News24 Nigeria previously reported that statistics released by DMO showed that the country’s total debt rose from N11.24tn as of December 31, 2014 to N12.6tn at the end of 2015 with a difference of N1.31tn, increasing by 12.1 per cent.

For more on this story, visit Vanguard.

- News24 Nigeria


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