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.

He said, “We have ensured that any of our debts due is given utmost priority, particularly foreign debt.

“It is like first line charge, and the minister talks to me about it. And we ensure that wherever we are going to find the dollar, we would pay any of our debts, even before we service any obligation. That is a rule if it is Nigeria’s authentic sovereign debt.”

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.

“We know that the refineries that are abroad are already scared because they know the market they will lose because we know that Nigerians will prefer to patronise that (Dangote refinery) than patronise foreign imported refined products where we will save transportation and logistics.