Nigeria to profit hugely every year from $5.5bln loan

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The proposed $3 billion (about N1 trillion) debt to be borrowed by the federal government to refinance an existing loan would save the country about N91.65 billion per annum, Minister of Finance, Kemi Adeosun, said on Thursday.

The minister explained recently that the debt refinancing plan, which was a major component of the total $5.5 billion loan package being considered by the government, was to help take care of the legal debts inherited from the immediate past Goodluck Jonathan administration.

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