The decline will now see to the deployment of more funds to the areas of development needs, while work is ongoing to tame high cost of short term domestic debts, which is the major source of high debt service. According to the minister, the country’s debt portfolio is being rebalanced to spread its exposure to achieve a more efficient balance between domestic and international debt and reduce the overall cost of borrowing. This will deliver significant savings in our debt service costs, with provisional estimates demonstrating savings of up to N91 billion in 2018 alone,” the minister said. “Our intention for this issuance was to meet our short term requirement to fund $2.5 billion for the 2017 budget. Following significant investor interest of over US$11 billion, we brought forward a further $500 million of funding towards the refinancing of existing domestic debt.

Source: The Guardian December 04, 2017 04:30 UTC