Nigeria to Refinance N900bn worth of Treasury Bills with $3bn Foreign Debt

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Kemi Adeosun, Nigeria’s Minister of Finance said the government planned to refinance N900 billion worth of maturing naira-denominated short-term treasury bills with dollar borrowing of up to $3 billion, with about three years’ maturity.

She said it was part of an attempt to restructure the debt portfolio into longer term maturities by borrowing more offshore and less at home, which the minister said would also support private sector access to credit, needed to boost the economy.

“As the economy recovers and grows we will be in a much better position to repay instead of just rolling over the debt,” Adeosun said.

She said the government would issue dollar debt as $3 billion worth of naira treasury bills gradually mature. She did not provide a time frame for this.

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