Nigeria to slash state debt

March 19 2013 at 08:00am

Nigeria would take steps this year to slash domestic debt from 6.35 trillion naira (R361 billion) currently because of high servicing costs driven by interest rates of around 11 percent, the finance minister of state said yesterday. Addressing delegates at a conference on the business environment in Lagos, Yerima Lawan Ngama said it cost 699 billion naira to service the debt last year. He said Nigeria had set up a fund starting at 100 billion naira that would begin retiring domestic debt from this year. – Reuters

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