Buhari is borrowing $3 billion to service debts of the last administration - Adeosun

- Nigeria's finance minister, Kemi Adeosun opens up on the recent $3 billion loan request made by the federal government

- The minister of finance said $3 billion of $5.5 billion loan is to refinance the loan taken by the administration of former President Goodluck Jonathan

- According to the minister the proposed $5.5 billion loan was made up of two components

Kemi Adeosun, the finance minister, has said more than half of the recent loan request by the federal government was to refinance loans taken by former President Goodluck Jonathan's administration.

Realhitz.com gathered that Adeosun, in a statement by her office, said $3 billion of that loan is to refinance the loan by the immediate past administration.

Read the full statement by the finance ministry in a series of tweets below:

Realhitz.com previously reported that, the federal government disclosed it will take Nigeria between 5 and 30 years to repay the external loan which it is seekingapproval for from the National Assembly.

This development was made known by the minister of finance, Kemi Adeosun, at a defense session which was convened by the Senate committee on local and foreign debts, on Thursday, October 19.

Adeosun who was represented by Patience Oniha, director-general, Debt Management Office, urged Nigerians to focus on the loan’s long term benefits.

Has President Buhari truly taken Nigeria out of recession? - 

Buhari is borrowing $3 billion to service debts of the last administration - Adeosun Buhari is borrowing $3 billion to service debts of the last administration - Adeosun Reviewed by Unknown on October 26, 2017 Rating: 5

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