Friday 11 December 2015

Nigeria's total debt now $64 billion

Director General of the Debt Management Office (DMO), Abraham Nwankwo, said on Thursday that the total debt profile of the Federal Government and states stood at $64 billion.

Nwankwo, who stated this when he appeared before the Senate Committee on Foreign and Local Debts, said that the debt profile would not affect the economy negatively.

He also explained that the N1.2 trillion domestic borrowing and foreign borrowing plan of N635.88bn contained in the Medium Term Expenditure Framework(MTEF) for the 2016, 2017 and 2018 fiscal years was healthy for development.

According to him, 84 per cent of the federation’s total debt was owed locally while the remaining 16 per cent was the foreign component.

Nwankwo, in his presentation, also said that Nigeria needed to spend $250 billion in the next 10 years to bridge the infrastructure gap.

Credit Nigerian Tribune

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