Adeosun: FG’s Revenue and Debt Strategy to Cut Debt Service Cost by N168bn Ndubuisi Francis in Abuja The Minister of Finance, Mrs. Kemi Adeosun disclosed yesterday that the federal government’s current revenue and debt management strategy would mitigate the nation’s debt service risk, culminating in the cutting of debt service cost by about N168 billion per annum.
The federal government is presently seeking the approval of the National Assembly borrow $5.5 billion from external sources. Of this amount, $3 billion, which will be raised through either Eurobonds or Diaspora
Bonds issues, or a combination of both, is for the refinancing of maturing domestic debt. The balance of $2.5 billion is to be raised from the World Bank to finance the capital component of the 2017 budget. In a statement yesterday,
Adeosun expressed confidence that the federal government’s revenue and debt management strategy would mitigate the country’s debt service risk and fast-track development. Explaining the benefits, she said from the $2.5 billion loan,
the country would record a savings in debt service cost of N76.375 billion per annum from the borrowing while N91.65 billion per annum would be saved from the $3 billion bond issuance from the international capital
Orji Kalu: President Can Win 75% of Igbo Vote in 2019… Page 10
market (ICM) for refinancing short-term domestic debt. This would come to a total of N168.025 billion. She stated: “The proposed refinancing of $3 billion worth of short-term treasury bills into longer tenured international debt is expected to save N91.65 per annum. Continued on page 8
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No Automatic Ticket for Buhari, Says Okorocha
Wants president to improve relations with S’East Presidency okays membership of minimum wage c’ttee Omololu Ogunmade in Abuja
HILTON HOTELS RENEW COMMITMENT TO TRANSCORP ABUJA... L-R: Managing Director/CEO, Transcorp Hotels Limited Plc, Valentine Ozigbo; President/CEO, Hilton Hotels, Chris Nassetta; Chairman, Transnational Corporation of Nigeria (Transcorp) Plc, Tony O. Elumelu; and Executive Vice President and President of Global Development, Architecture & Construction, Hilton Worldwide, Ian Carter, at the signing of a 20-year extension to the management agreement for Transcorp Hilton Hotel, Abuja by Hilton Hotels, held in Washington D.C.… Tuesday
Imo State Governor, Rochas Okorocha yesterday said even though President Muhammadu Buhari is eminently qualified to stand for reelection in 2019, he must go through the laid down democratic process in the ruling All Progressives Continued on page 8
Buhari to Lay 2018 Budget Tuesday, Senate Says Dec Passage Target Unrealistic House: MTEF must be treated before Appropriation Bill Omololu Ogunmade, Damilola Oyedele and James Emejo in Abuja President Muhammadu Buhari has formally notified the National Assembly of his readiness to lay the 2018
Appropriation Bill before the parliament next Tuesday. This came just as the Senate yesterday gave reasons why the target set by the executive to get the 2018 budget passed in December and return to the January-December budget
cycle might be a pipedream, saying doing so would amount to doing a shoddy job. Answering questions from State House correspondents in the Presidential Villa, Abuja, Senate Leader, Senator Ahmad Lawan suggested
that insistence on getting the budget passed next month in pursuit of a return to the January-December budget cycle might amount to being unpatriotic. Lawan said the National Assembly has a responsibility
to pass a Budget Bill that is implementable, where equity, fairness and justice in project distribution across the country are guaranteed. According to him, getting the budget passed in December must not be “at all cost” but
must be predicated on benefits derivable from it, pointing out that it was more important to ensure that the 2018 budget is well implemented in such a manner that it provides Continued on page 8
MTN Restates Commitment to List on NSE in Six Months… Page 8