FG Okays three years external borrowing plan

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Minister of Finance, Mrs Kemi Adeosun

The Minister of Finance, Kemi Adeosun, yesterday announced the approval of a three-year external borrowing plan. She spoke with reporters at the end of the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari.

With Mrs Adeosun at the briefing were Ministers of Agriculture Audu Ogbeh; Mines and Steel Development Kayode Fayemi; Information, Lai Mohammed and Education Adamu Adamu. According to her, the FEC yesterday approved external three-year rolling borrowing plan. The plan, she said, will be transmitted to the National Assembly for approval.

She said: “Recall when we came in we said our external borrowings strategy will be focused on confessional debts, low cost loans particularly from the multi-lateral agencies.” The conditions of the borrowing, she said, included concessional loans average interest rates of 1.25 per cent, four to seven year moratorium, and 20 years to pay.

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