Electronic money exchangers listing
Find Cheap Textbooks - Save on New & Used Textbooks at AbeBooks.com

Nigeria’s debt stands at N17.36 trillion

Rate this item
(0 votes)

Director-General of the Debt Management Office (DMO), Dr Abraham Nwankwo said Nigeria’s total debt as at December 31, 2016 was 57.39 billion dollars (N17.36 trillion).

He made this known when defending the agency’s 2017 budget before the Senate Committee on Local and Foreign Debts in  Abuja on Thursday.

Nwankwo said the amount included domestic and foreign debts owed by the country as at the end of 2016.

While giving a breakdown of the debt profile, he said the external debt profile stood at 11.41 billion dollars (N3.48 trillion), while the domestic debt stock stood at 45.98 billion dollars (N13.88 trillion).

According to him, the debt stock of N17.36 trillion owed by the country included debts of the Federal Government, the 36 states of the federation and the Federal Capital Territory (FCT).

Nwankwo also said that the difference was due to the projected debt service payments in respect of new financing that was not fully utilized, as only few loans became effective during the period.

The DG pointed out that the domestic debt stock of the Federal Government of Nigeria, the 36 states and the FCT accounted for about 80 per cent of the total debt, while their external debt stock accounted for about 20 per cent.

He assured that though Nigeria’s debt profile was on the increase, it was not in a precarious economic situation that would warrant seeking for debt relief.

Nwankwo added that in spite of the recession, the economic indices had not portrayed Nigeria as a weak economy to warrant seeking for debt relief.

“Nigeria is not in a position to beg for debt forgiveness.

“In spite of the present state of the economy, the country is still counted as a strong economy among other countries. The economic indicators show that Nigeria has a strong economy", he said.

He said if borrowing would be genuinely committed to infrastructural development, it would go a long way in the move to develop the economy.

On repayment of the debt, he said the Ministry of Finance was making effort to expand the nation’s tax base.

According to him, this will be done by ensuring that people and companies that are not paying taxes begin to pay to boost the revenue base and reduce the need for borrowing.

He lamented that tax collection in Nigeria had been poor, contributing to reduced revenue generation.

 

NAN

Read 420 times


Find Weird Books at AbeBooks.com



Most Read

Terms for states as N500b Paris Club refund is ready

Terms for states as N500b Paris Club refund is ready

Another London-Paris Club loan refund (about N500billion) is on the way for states— with fresh hurdles for governors. The Presidency...

How notorious kidnapper, Evans was caught like a chicken

How notorious kidnapper, Evans was caught like a chicken

There was tumultuous ovation and excitement, yesterday, at the Force Headquarters, Kam Salem House, Abuja, and the Police Command, Ikeja,...

#BBNaija: Television as madness - Reuben Abati

#BBNaija: Television as madness - Reuben Abati

What a relief! So, the Big Brother Naija reality television programme is finally over. It ended Sunday evening with 23-year...

Who is the Presidency? - Reuben Abati

Who is the Presidency? - Reuben Abati

When last week, President Muhammadu Buhari decided to suspend the Secretary to the Government of the Federation, Babachir Lawal, and...

The two faces of Tuface -Reuben Abati

The two faces of Tuface -Reuben Abati

Tuface’s decision to lead a protest to register the dissatisfaction of Nigerians with the performance of the incumbent administration and...

Seven Nigerians win U.K parliamentary election

Seven Nigerians win U.K parliamentary election

Seven candidates of Nigerian heritage have been elected into the United Kingdom parliament in the election held on Thursday. The...

Dino Melaye: The making of a brand - Reuben Abati

Dino Melaye: The making of a brand - Reuben Abati

// It is a sign of the times, and a tragedy that the most popular Senator in the Nigerian National...

Forget 2016 Mavrodi money, start afresh –MMM Office

Forget 2016 Mavrodi money, start afresh –MMM Office

All hope seems lost for Mavrodi Mondial Movement (MMM) participants, who jubilated when the scheme announced the unfreezing of the...

Amber Rose, feminism and naked self-promotion - Charli Casey

Amber Rose, feminism and naked self-promotion - Charli Casey

As a feminist, it was quite a surprise to see Amber Rose showing the world her lady garden as I...

From London to Abuja in 50 days: Buhari’s return -Reuben Abati

From London to Abuja in 50 days: Buhari’s return -Reuben Abati

The cities of Daura -President Muhammadu Buhari’s home town, Kano - his political base, and Kaduna -where he has a...

WEATHER REPORT

booked.net booked.net booked.net booked.net booked.net booked.net

MORE POSTS