Nigeria’s external debt stands at $11bln, as domestic debt hits N11trillion

The Debt Management Office, DMO has released the latest figures on the Nigerian’s debt profile, putting external debt profile at $11 billion while domestic debt stands at N11trillion about $55.2 billion.
This was disclosed by the director general of the DMO, Dr. Abraham Nwankwo at an enlightenment workshop on “Understanding Public Debt Management held in Kaduna on Friday organised for Student Unions in Kaduna State.
At the event, Dr. Nwankwo stated that despite the nation’s huge debts, the economy had remained resilient and diversifiable.
He explained that the states accounted for 18 per cent of the domestic debts while the Federal Government accounted for 82 per cent.
Warning on the gross misuse of borrowed funds, the DMO boss called on all tiers of government to utilise public funds for the good and development of the people.
He expressed worry that the ‘gross misuse of borrowed public funds’ by Public Officers contributes to the rising debt profile.
Dr. Nwankwo also stressed that the way to achieve good governance in Nigeria was for public office holders to run a transparent fiscal management.
According to him, government should draw on the positive side of borrowing as some developed nations depend heavily on borrowing to sustain their economies.
The DG emphasised the need for the youths, as leaders of tomorrow, to develop the attitude and understanding of fiscal responsibility in order to hold their leaders accountable.
While encouraging state governments to source funds for developmental purposes, the DMO boss pointed out that the cynicism that usually trail decisions to borrow was due to the unpleasant cases where governments borrow money and misappropriate it.
Nwankwo explained that the misappropriation of borrowed funds had resulted in unsustainable debt portfolio.
The DMO boss, however, noted that under the President Muhammad Buhari’s administration, ‘the economy is becoming more robust’ and urged Nigerians to cooperate with the administration in order to achieve the desired change.
In their contribution, a representative of the students union, Salahudeen Lukman, advised both the state and federal government to ensure that all funds borrowed for development of the education and other critical sectors of the economy were judiciously utilised in order to ensure growth and development.

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