External loans to the rescue, as revenues from oil continue to dip

Kemi Adeosun, Minister of Finance

Kemi Adeosun, Minister of Finance

16 June 2016, Abuja – Faced with a shortfall in oil revenues, the Federal Government will in the next three years seek external loans to finance its programmes and diversify the economy.

Minister of Finance, Kemi Adeosun, disclosed this to State House correspondents on Wednesday at the end of the Federal Executive Council (FEC) meeting at which Acting President Yemi Osinbajo presided.

According to her, government opted for external loans to allow Nigerian banks have more resources to stimulate growth in the private sector by giving loans to this sector.

At the briefing, Adeosun was accompanied by the Minister of Information, Lai Mohammed, and the Minister of State for Budget and National Planning, Zainab Ahmed.

According to her, the new policy is part of the Debt Management Strategy for the years 2016 to 2019 approved by FEC on Wednesday.

She said: “Today I presented a memo to the FEC which was approved for the debt management strategy for the years 2016-2019. “

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