Business
DMO puts Nigeria’s debts at N12trn
Nigeria’s debt profile for both domestic and external debts as at December 31, 2015 stands at N12 trillion.
According to the Director General of the Debt Management Office (DMO), Abraham Nwankwo, the 2016 appropriation budget still allows government to borrow an additional N1.88 trillion.
Nwankwo made the revelation while speaking at a one day enlightenment workshop for the Nigerian Union of Journalists (NUJ) in Abuja on Friday, with the theme ‘Debt Sustainability and the Challenge of Financing Economic Recovery’
Read also: Nigeria may sell 40% of NNPC subsidiary
Giving a breakdown of the amount to be borrowed which includes external borrowing of N900 billion and domestic borrowing of N984billion naira respectively, he said, “The logic is to re-balance total public stock in favor of less costly external funds. The logic in the 2016 borrowing is to borrow from external sources to reduce the cost of debt servicing.
He noted that there was nothing wrong in Nigeria borrowing because in modern economies almost every government runs deficit budget.
He further revealed that “the debt and overall economic sustainability can be significantly influenced by individuals and corporate bodies paying their tax fully”.
RipplesNigeria …without borders, without fears
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...