gbese re o: Nigeria is owing N17.36t - Debt Management Office

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President Muhammed Buhari

The Director-General of the Debt Management Office (DMO), Dr Abraham Nwankwo said that  the nation’s total debt profile as at December 31, 2016 was 57.39 billion dollars (N17.36 trillion).

He made this known when defending the agency’s 2017 budget before the Senate Committee on Local and Foreign Debts in  Abuja on Thursday.
Nwankwo said the amount included domestic and foreign debts owed by the country as at the end of 2016.
While giving a breakdown of the debt profile, he said the external debt profile stood at 11.41 billion dollars (N3.48 trillion), while the domestic debt stock stood at 45.98 billion dollars (N13.88 trillion).
According to him, the debt stock of N17. 36 trillion owed by the country included debts of the Federal Government, the 36 states of the federation and the Federal Capital Territory (FCT).
Nwankwo also said that the difference was due to the projected debt service payments in respect of new financing that was not fully utilized, as only few loans became effective during the period.

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