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Sinking Fund accumulates $100m – Terkper

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Seth Terkper - Finance Minister
Seth Terkper – Finance Minister

The Minister of Finance, Seth Terkper today says, the Sinking Fund Account has accumulated $100 million.

Mr. Terkper announced the amount when he was presenting the Supplementary Budget for 2016, in Parliament. He said, the Fund set up to service government debt, or what is referred to as “bullet” loans, such as treasury bills and medium- and long-term domestic and foreign (sovereign), has accumulated $100 million.

The Fund is also expected to be boosted by the repayments made for loans used to finance commercial projects, under the On-Lending and Escrow/Debt Service policies, the Finance Ministry has said on its website.

The main source of the Fund, is revenue from the country’s oil.

By Emmanuel K. Dogbevi

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