FG’ll Pay Foreign Debts Before Other Obligations – Emefiele

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said the Federal Government will ensure the payment of foreign debts before settling other obligations.

Emefiele said this while answering questions during a press briefing at the ongoing International Monetary Fund/World Bank Annual Meetings in Washington DC.

According to the CBN governor, when Dangote refinery begins production latest by July 2022, it will be a major foreign exchange saving source for the country.

He said the importation of petroleum products currently consumed about 30 per cent of the forex spent on imported items.

Noting the Dangote refinery’s capacity to process 650,000 barrels of crude oil daily into petroleum products, Emefiele said the country would save forex and export those refined products.

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