The Minister of Finance, Mrs. Kemi Adeosun, has revealed that the Federal Government will apply the sum of US$3 billion in refinancing the domestic debts of the immediate past government out of the $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 - refinancing of heritage debts to the tune of $3 billion and new borrowing of $2.5 billion for the 2017 budget.
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