NIGERIA’S N25.7tn DEBT: The breakdown

The Director-General of the Debt Management Office (DMO), Ms. Patience Oniha, said on Friday domestic borrowing accounts for 68 percent of Nigeria’s total debt profile of N25.7trillion as of June this year.

External borrowing, according to her, accounts for about 32 per cent and Federal Government is responsible for 80 percent of the debts.

Oniha stated these when she appeared before the House of Representatives Committee on Public Accounts on Friday in Abuja.

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She said DMO serves as an advisory body to the Federal Government on debt management and to put the debts at 25 percent ratio to the Gross Domestic Products (GDP).

The DMO chief stated that the office does not receive borrowed funds, noting that they are paid directly to the Central Bank of Nigeria which ensures that the money is used for what it is borrowed for.

Oniha said: “As of June 2019, our debt profile was N25.7tn; this includes the federal and state governments and the Federal Capital Territory. We call it the total public debt. Out of this total, the Federal Government is responsible for 80 percent of the debt.”

She said the DMO began operations in 2000 due to Nigeria’s debt management problems, which made the country to seek debt relief.

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