NBS: Nigeria’s debt stands at N28.63trn

NBS: Nigeria’s debt stands at N28.63trn

The National Bureau of Statistics (NBS) revealed on Friday, July 10; that the total public debt portfolio of the Federal and State governments stood at N28.63 trillion as of March 31.

Specifically, this was contained in a report issued by the NBS on Nigeria’s domestic and foreign debt.

The bureau said further dis-aggregation of Nigeria’s total public debt showed that N9.99 trillion; which represented 34.89 percent, was external.

It added that the domestic debt was N18.64 trillion which represented 65.11 percent of the total debt.

Further, the NBS stated that Lagos accounted for 10.8 percent of the total domestic debt stock in the country.

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“States and Federal Capital Territory domestic debt was put at N4.11 trillion with Lagos State accounting for 10.8 percent of the total domestic debt stock.

“Yobe State has the least debt stock in this category with a contribution of 0.7 percent.”

Meanwhile, the Nigerian Communications Commission (NCC) has created a Digital Economy Department principally responsible for implementing programmes as well as policies; aimed at fully supporting and promoting the national digital economy agenda of the Federal Government. The department is strategically and also structurally placed under the Office of the Executive Vice Chairman/CEO of NCC.

The EVC of NCC, Prof. Umar Danbatta, on Friday, July 10, said the creation of the new department is in line with the Commission’s strategy to create a dedicated team; with the sole responsibility of giving necessary push to the promotion of digital economy vision of the Federal Government; being driven by the Hon. Minister of Communications and Digital Economy, Dr. Isa Pantami.

According to Prof. Danbatta, placing the newly-created department under the Office of the EVC also underscores the importance the Commission places on the need to successfully drive the overall national digital economy strategy of the government; through ensuring its effective monitoring and supervision.

Danbatta explained that in addition to working with the eight pillars of the National Economy Policy and Strategy (NDEPS) document, the Broadband Implementation Unit in the Commission, hitherto placed under the Special Duties Department and all the staff of the Unit, are to move to the newly-created Digital Economy Department.

The NDEPS, as a national policy document, was unveiled by President Muhammadu Buhari in November 2019; to add the needed impetus to the actualisation of the Federal Government’s Economy Recovery and Growth Plan (ERGP).

About The Author

Mayowa Oladeji

A writer with a keen interest in human stories and topical issues around the world. mayowa.oladeji@1stnews.com

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