July 26, 2017

BUDGET OFFICE PUTS EXTERNAL DEBT AT $9.16B

BUDGET OFFICE PUTS EXTERNAL DEBT AT $9.16B

BUDGET OFFICE PUTS EXTERNAL DEBT AT $9.16B

By Terhemba Daka and Karls Tsokar, Abuja

BillionaireJackpot

FCT, map

A RISING debt profile of $9.16 billion (foreign) and N8.7 trillion (local) has is hanging on Nigeria, placing on the nation’s financial and economic managers a more herculean task of convincing citizens of their country’s transformed and improving economic status.

 

Briefing the Confab Committee on Public Finance Monday in Abuja, the Director-General, Debt Management Office (DMO), Mr. Bright Okogwu, disclosed that as at March 2014, Nigeria’s external debt stood at $9.16 billion.

 

Of this sum, according to him, the Federal Capital Territory (FCT) is responsible for $2.8 billion (32 percent) while Federal Government has $6.3 billion (68 percent), just as local is N8.7 trillion for the same period.

Meanwhile, Okogwu noted that while the Federal Government owes the bulk of the $6.3 billion, states actually owe 32 percent of it, even though it is the standard worldwide that states borrow to enhance their economies.

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