The Federal Executive Council (FEC) met yesterday and approved the 2016-2019 Debt Management Strategy.
Briefing State House reporters after the meeting chaired by Acting President Yemi Osinbajo, Finance Minister Kemi Adeosun said since the previous debt strategy expired last December, a new one was needed.
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She said the government also devised the new debt management strategy in view of the current economic challenges as well as the economic circus of the government to reflate and diversify the economy.
She said the new debt management strategy was based on the medium term expenditure framework designed by the Ministry of Budget and National Planning on the assumed that the nation’s domestic debt would be reduced from one percent of GDP to 0.7 percent by 2019.