The Federal Executive Council (FEC) has approved refinancing of US$3 billion worth of treasury bills as part of efforts to restructure the nation’s debt profile.

The Minister of Finance, Kemi Adeosun briefed journalists after the FEC meeting that the Federal Government was taking dollar denominated loans which are cheaper than that in Naira.

She added that the nation was not dollarising the economy but trying to reduce the cost of borrowing.

“The strategy is to refinance our debt on the international market from Naira into dollars. The approximately N900 million of borrowings would not be taken from the domestic market.”

Meanwhile, the Minister of Budget, Senator Udo Udoma has announced a projection of 2.3 million barrels per day for 2018. (Channels TV)