Tuesday, November 15, 2011

Nigeria’s debt is N6.1tr, says DMO

Note: In August, the Co-ordinating Minister of the Economy and Minister of Finance Dr. Ngozi Okonjo-Iweala reported that the total debt was $39.7 billion.  Has the debt fallen by $29 billion since then?

The Nation
15 November 2011

Nigeria’s total public debt (domestic and external) stands at N6.1 trillion, the Director-General of the Debt Management Office (DMO) Dr. Abraham Nwankwo, has said.

He said debt stock represents about 19.6 per cent of the nation’s Gross Domestic Product (GDP) and that it is sustainable.

Speaking at the start of training for its first set of medium-term debt strategy experts in Abuja, Nwankwo said even though the total debt stock has been growing over the past five years, the debt to GDP ratio has remained almost stable below 20 per cent.

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