The current budget row and the possibility of debt default by the United States portend serious danger for Nigeria as the country’s cost of borrowing from the international financial market will likely rise significantly, the Finance Minister, Dr. Ngozi Okonjo-Iweala, has said.
She said this while addressing a world press conference on the outcome of the meeting of the Commonwealth Finance Ministers with the leadership of the World Bank and IMF in Washington DC, United States on Thursday.
Okonjo-Iweala said the crisis in the US would not be favourable to yield and interests accruable on two of the nation’s sovereign debt instruments currently being traded in major financial centres across the globe.
According to her, the stalemate will make it more expensive for the country to borrow from the international financial market.
Punch
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