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

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.

Read more here.

About The Author

Osigweh Lilian Oluchi is a graduate of the University of Lagos where she obtained a B.A (Hons) in English, Masters in Public and International affairs (MPIA). Currently works with 1stnews as a Database Manager / Writer. [email protected]

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