With No Federal Cabinet, Nigeria’s External Debts Has Risen To $11billion Against $9.4billion Jonathan’s Gov’t Left In March

The Director-General, Debt Management Office, Dr. Abraham Nwankwo has disclosed that Nigeria’s external debt profile has risen to $11 billion as at last week as against the $ 9.4 billion recorded in March. Similarly, domestic debt profile was said to have risen to N11 trillion.

Nwankwo disclosed this in an interview with journalists in Kaduna on Friday shortly after declaring open a one-day enlightenment workshop with leaders of students’ unions from tertiary institutions.

Nwankwo, however, said the quantum of the debt did not really matter. He said the most important thing was how the resources were deployed to encourage economic growth, development, generate employment and reduce poverty.

“Presently Nigeria owes, domestically, about N11 trillion and externally, about $11 billion.The figures are the total of all debts in the federation. It includes external debts of the federal and all the state governments as well as the domestic debts of the federal government and all the state governments.

“Let me emphasise that what matters is not just the quantum, what is important is how these resources are deployed to encourage growth, development, generate employment and reduce poverty.

“It matters whether you are in a position to pay back what you borrowed as at when due and in the case of Nigeria, I want to assure you that Nigeria’s debt remains sustainable.

“Based on current global economic problems, particularly the collapse of oil prices, this is having significant impact on economies all over the world. Because the Nigerian economy is very resilient and because the government is in control, Nigeria’s debts continue to remained sustainable.”