Nigeria External Debt Hits $9.16b, Local Debt Now N8.7tr, DG DMO Tells Confab Delegates

Director General of Debt Management Office, Abraham Nwankwo  on Monday, 5th May, 2014, confirmed that the external debt of Nigeria is now $9.16 billion, noting that the local debt stands at N8.7 trillion.

Nwankwo who confirmed the figure while appearing before Conference Committee on Public Finance said the amount was as at March 2014 adding that 32 percent of the debt external  is owed by states while 68 percent is owed by the Federal Government.

He said that 17 percent of local debt belongs to state while 82 percent of the debt is owed by Federal Government.

Okogwu informed the committee that the local debt did not include the local contractors debt adding that any foreign institution who gave loan to any state without the approval of National Assembly is ready to lose its money.

Speaking on the issue of borrowing before the committee, the Director General explained that borrowing is part and parcel of every modern economy adding that prosperous nations like Britain and Germany are borrow.

He said the figures released are total debt of the country since the country attains independence.

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