U.S.$34 Billion Local Debt Unacceptable - Okonjo-Iweala

Leadership (Abuja)

25 August 2011

U.S.$34 Billion Local Debt Unacceptable - Okonjo-Iweala

The minister of finance, Dr. Ngozi Okonjo-Iweala has expressed displeasure over Nigeria's $34 billion domestic debt and recurrent expenditure which she said was worrisome.

In her words, "Nigeria has to reduce borrowing but cannot stop borrowing immediately, because it will be a shock to the system. The government has said it will put the trend on a downward path on domestic debts, because whether government likes it or not it is bound to respect the terms of the bonds it is holding and other financial commitments."

She made this known while unveiling her priority areas in line with President Goodluck Jonathan's economic blueprint, at a press conference in Abuja yesterday.

The finance minister said she placed high premium on fiscal stability, infrastructure development, job creation, as well as investment in key sectors like security, agriculture, manufacturing, housing and construction, entertainment industry, education and health, oil and gas.