The Federal Executive Council  endorsed the country's debt management strategy for the years 2016 to 2019.

The strategy is based on the medium term expenditure framework which aims to reduce domestic debt from one percent of GDP to 0.7 percent by 2019

According to the Minister of Finance, Mrs. Kemi Adeosun there is the need for a new strategy for two reasons: one, the previous one had expired.

“Two, the new strategy becomes necessary given the current economic challenges and the economic focus of this government to reposition and diversify the economy’’.

She said that the administration recognises the need to stimulate the economy in the next three years and provide the basic infrastructure government need to be borrowing.

“We need to borrow at the most cost effective rate and to the cost effective and beneficial terms.’’

“So we don’t want government borrowing crowding out the private sector.

“So government has taken a strategic decision that where possible, we will borrow more externally, that is external debt, on dollars and other currencies.