Nigeria’s Minister of Finance, Mrs. Kemi Adeosun, has revealed that the Federal Government would apply the sum of US$3 billion in refinancing the legacy debts of the immediate past government.

The outlay is part of the US$5.5 billion foreign loan being sourced from the International Financial Markets.

The Minister, who appeared on Arise TV’s News Programme, said the proposed $5.5 billion loan was made up of two components – refinancing of heritage debts to the tune of $3billion and new borrowing of $2.5 billion for the 2017 Budget.

She said, “Let me explain the $5.5 billion borrowing because there have been some misrepresentations in the media in the last few weeks. The first component of $2.5 billion, represents new external borrowing provided for in the 2017 Appropriation Act to part finance the deficit in that Budget.

“The borrowing will enable the country to bridge the gap in the 2017 budget currently facing liquidity problem to finance some capital projects.

“For the second component, we are refinancing existing domestic debt with the US$3 billion external borrowing. This is purely a portfolio restructuring activity that will not result in any increase in the public debt,” she disclosed.

Adeosun further noted that the country’s debt puzzlingly rose from N7.9 trillion in June 2013 to N12.1 trillion in June 2015, despite the fact that only 10 per cent of the budget was allocated to capital expenditure when oil price exceeded $120 per barrel.

She emphasized the President Muhammadu Buhari-led Administration was investing in critical infrastructural projects such as roads, rails and power in order to deliver a fundamental structural change to the economy that would reduce the nation’s exposure to crude oil.

“Under this dispensation, we are not borrowing to pay salaries. If all we do is to pay salaries, we cannot grow the economy. This Administration is also assiduously working to return Nigeria to a stable economic footing. In light of this, the Government adopted an expansionary fiscal policy with an enlarged budget that will be funded in the short term, by borrowing,” Adeosun stated.

She reassured that the US$5.5 billion foreign borrowing was consistent with Nigeria’s Debt Management Strategy, whose main objective was to increase external financing with a view to rebalancing the public debt portfolio in favour of long-term external financing.

“Nigeria’s debt to Gross Domestic Product (GDP) currently stands at 17.76% and compares favourably to all its peers. The debt to GDP ratio for Ghana is 67.5%, Egypt is 92.3%, South Africa (52%), Germany (68.3%) and United Kingdom (89.3%).

“Nigeria’s debt to GDP ratio is still within a reasonable threshold. This Administration will continue to pursue a prudent debt strategy that is tied to gross capital formation. This will be attained by driving capital expenditure in our ailing infrastructure which will in turn, unlock productivity and create the much-needed jobs and growth,” the Minister added.

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Joshua will return to action when he takes on Pulev in the Principality Stadium on Oct. 28.

It will be his first time since his epic victory over Wladimir Klitschko at Wembley Stadium in April

“October 28 can’t come soon enough, I have been eager to get back in the ring since Wembley and now we are confirmed and ready,’’ WBA and IBF belt holder Joshua said in a statement.

“I’ll be locked away focusing on fight number 20 for the next eight weeks. I am excited to experience the atmosphere in a sold-out Principality Stadium and aim to give the fans a spectacular night.’’

Pulev will be facing his second world title fight, having fought and lost to Klitschko in 2014.

He said on Monday he would relish taking on the Briton in front an expected 80,000 crowd.

“Anthony is a great and dangerous rival, but his style fits perfectly with mine,” Pulev said on his Facebook page.

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The commissioner for Youth and Sport, Hon. Moruf Afolabi Afuape disclosed this while chatting with Journalists in his office at Moshood Abiola Stadium in Abeokuta the State Capital, yesterday.

He said Ogun State has always been known to be first, adding that Anthony Joshua would be the first Nigerian boxer to have won the Wolrd Heavyweight Championship.

According to the Commissioner, “the trip to London is to congratulate him on the victory and for making the state to attain another first in the area of boxing. After which the state can invite him officially for a state award for the honour done on the state.”

He said the Governor, Senator Ibikunle Amosun was very proud of the born Ogun boxer who has made the state another first in boxing during his tenure as the Executive Governor of the State. Afuape hinted also that in respective of what the State was planning to do, Anthony Joshua deserved a National honour, saying that he has not only made the state proud, but Nigeria as a whole.

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Joshua became the unified heavyweight world champion by adding the WBA belt to his IBF title, with an 11th-round stoppage of Wladimir Klitschko in a thrilling fight on Saturday at Wembley.

It was reported that the 27-year-old was earlier sent to the canvass in the sixth round,but had Klitschko on the canvas twice in the penultimate rounds, before the referee stepped in.

A cross section of boxing legends and enthusiasts who wrote on their twitter handles, noted that the match was an epic encounter between two great boxers who gave spectators, ‘a run for their money’.

Former heavyweight champion Lennox Lewis said: “Crackin’ Fight! Congrats to both for giving the fans something to talk about! Big up to AJ on the big win! How much heart did Klitschko show in this fight?”.

American boxing great Sugar Ray Leonard described the encounter as an “an amazing fight, with two great fighters”, adding, “Lot of heart by both fighters. A lot of questions answered by Anthony Joshua.”

As for former world champion Frank Bruno, “the heavyweight division just got very exciting,” noting that “the performance of both men tonight was incredible.”

Also, former Olympic heptathlon champion, Dame Jessica Ennis-Hill was so thrilled by the encounter that he described it as “incredible” and “unbelievable.”

“What an absolute legend! Unbelievable fight! So proud of @anthonyfjoshua. I’m exhausted just watching. Incredible!,” he twitted.

Three-time Formula 1 champion, Lewis Hamilton, congratulated the two fighters but gave Joshua an edge.

“Well done to both Anthony and Wladmir, but a huge congrats to @anthonyfjoshua for bringing it home! Great fight! #bigupyourself,” he said.

Former England footballer, Michael Owen was full of feelings of patriotism for his motherland as he twitted that “Great Britain aged five years during that fifth round,” but thanked God that “Joshua found a second wind from somewhere.”

For Gary Linker, a renowned sports pundit,”so gripping was the fight that all three of us in the @BBCMOTD studio jumped up when @anthonyjoshua won.”

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