The Director General of Nigeria’s Debt Management Office (DMO), Dr Abraham Nwankwo has put Nigeria’s local and foreign debts at $29 billion.
Nwankwo told journalists on Sunday in Abuja that “as at now externally, we are owing $4.27 billion — as at the end of June 2010.
Domestically, at the end of June 2010, Nigeria owes N3.76 trillion (about US$24.72 billion).”
“If you combine the two under one denominator in dollars, the total public debt as at the end of June 2010 is about $29 billion,’’ he said.
Nwankwo said that 85 percent of the external debt was from the concessionary window of the World Bank and the soft window of the African Development Bank (AfDB).
“These are windows where the total finance charge of what you have borrowed is not more than 1.25 percent per annum,’’ he explained.
The director-general further explained that loans from the concessionary window had longer re-payment periods.
He condemned the brandishing of wrong figures on Nigeria’s debts, stressing that the DMO was the only agency with the authority to comment on the volume of the debts.
“The Debt Management Office is the only agency that can tell you how much Nigeria owes externally and domestically,’’ Nwankwo said, adding that Nigeria’s Gross Domestic Product (GDP) was between $178 billion and $179 billion.
Source African Press Agency
African News from NetNewsPublisher.com
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