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

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 $11.41bn (N3.48tn), while the domestic debt stock stood at $45.98 billion dollars (N13.88tn).

According to him, the debt stock of N17. 36tn owed by the country included debts of the Federal Government, the 36 states of the federation and the Federal Capital Territory.

Nwankwo also said that the difference was due to the projected debt service payments in respect of new financing that was not fully utilised, as only a few loans became effective during the period.

The DG pointed out that the domestic debt stock of the Federal Government of Nigeria, the 36 states, and the FCT accounted for about 80 percent of the total debt, while their external debt stock accounted for about 20 percent.

He assured that though Nigeria’s debt profile was on the increase, it was not in a precarious economic situation that would warrant seeking for debt relief.

Nwankwo added that in spite of the recession, the economic indices had not portrayed Nigeria as a weak economy to warrant seeking for debt relief.

He said, “Nigeria is not in a position to beg for debt forgiveness.

“In spite of the present state of the economy, the country is still counted as a strong economy among other countries. The economic indicators show that Nigeria has a strong economy.”

He said if borrowing would be genuinely committed to infrastructural development, it would go a long way in the move to develop the economy.

On repayment of the debt, he said the Ministry of Finance was making effort to expand the nation’s tax base.

According to him, this will be done by ensuring that people and companies that are not paying taxes begin to pay to boost the revenue base and reduce the need for borrowing.

He lamented that tax collection in Nigeria had been poor, contributing to reduced revenue generation.

Omenkalives I sight you !!! Dear God what have we done to deserve this government? at this rate am not sure we will make it to 2019 and they want to borrow more, mortgaging our future while they stockpile foreign currency in their houses!!!! Any zombie that quotes me will fall and die!!!!

NaijaEfcc:
Omenkalives I sight you !!! Dear God what have we done to deserve this government? at this rate am not sure we will make it to 2019

How about you showed us the debt profile from 2009 to date before you start getting all erratic?

Can we have the figures?

Matter of fact, here is what your hero achieved with our record earnings from oil: foreign reserve depletion and rising debt profile!

Yet you have the guts to type that nonsense up there.

Lastly, what is the fg component of the current debt and what is owed by state?

All what you guys do is just wail needlessly and insult the president just so you can get likes. Pathetic.

Outta here.

omenkaLives:
How about you showed us the debt profile from 2009 to date before you start getting all erratic?

Can we have the figures?

see I know you are doing a job but don't you have conscience at all, prices of everything is hitting the roof!!! Imagine this evening I bought 1 egg for 100 bro have human sympathy now!!! Stop defending evil!!! Evil that men do lives after them ooooh!!! Stop spoiling the future of ya kids for peanuts, BMC pay is not worth it oooih!!! Chai!!!!

GDP is however reducing with value of money. Cost of doing business is right on increase, and eroding tax by extension.

What we need is to either beg the N.Delta Boyz or go back to intensive agriculture. Guess what, arable lands are continually sold to developers yet we reject GMO agriculture.

Now, we blame the police for leadership deficiency.

NaijaEfcc:
see I know you are doing a job but don't you have conscience at all, prices of everything is hitting the roof!!! Imagine this evening I bought 1 egg for 100 bro have human sympathy now!!! Stop defending evil!!! Evil that men do lives after them ooooh!!! Stop spoiling the future of ya kids for peanuts, BMC pay is not worth it oooih!!! Chai!!!!

You bought one egg for 100naira?

Can you swear that no good should ever come your way in life from this momment on if you are lying?

How come??

I thought patriarch Buhari is saving for the rainy day from the recovered loots??

omenkaLives:
You bought one egg for 100naira?

Can you swear that no good should ever come your way in life from this momment on if you are lying?

as e dey me now eeeeeh bros, if to say you dey near me dey yarn this, I swear I for don forget something for your body!!! you go know say anger full my body now!!!

WAIT OH! Upon all these debt nigerian still want to borrow to imprement this year budget?. And the youths are happy over what these tired brains are doing to this country. OH! NIGERIA i weep for you, MY COUNTRY.

omenkaLives:
How about you showed us the debt profile from 2009 to date before you start getting all erratic?

Can we have the figures?

Matter of fact, here is what your hero achieved with our record earnings from oil: foreign reserve depletion and rising debt profile!

Yet you have the guts to type that nonsense up there.

Lastly, what is the fg component of the current debt and what is owed by state?

All what you guys do is just wail needlessly and insult the president just so you can get likes. Pathetic.

Outta here.

to you it's all about politics!! Whoever is not a zombie, is a wailer!!! People are dying, hardship everywhere you are still doing politics, how does this figures change anything? Will it reduce the debt? Or bring down the price of foodstuffs or fuel? Will it give people jobs?? SMH!!!

NaijaEfcc:
as e dey me now eeeeeh bros, if to say you dey near me dey yarn this, I swear I for don forget something for your body!!! you go know say anger full my body now!!!

Shut the trap and simply swear. Nonsense. You people's lies disgust me.

Good night.

Lol..wonderful news.

Oh Lord, I love Buhari

Just look at any hope of things getting better? Can we make it to 2019 before it reaches 1000? I pray oooh

Just watch out...this man will be sack soonest

omenkaLives:
How about you showed us the debt profile from 2009 to date before you start getting all erratic?

Can we have the figures?

Matter of fact, here is what your hero achieved with our record earnings from oil: foreign reserve depletion and rising debt profile!

Yet you have the guts to type that nonsense up there.

Lastly, what is the fg component of the current debt and what is owed by state?

All what you guys do is just wail needlessly and insult the president just so you can get likes. Pathetic.

Outta here.

SEe this zombie indicting the clueless man he is defending. GEJ inherited $3 billion and it increased to $9 billion according to your post, But this news says it has increased to $57 billion!!!! Omenka keep quiet!!!

buhari is just starting.

omenkaLives:
Shut the trap and simply swear. Nonsense. You people's lies disgust me.

Good night.

your job of defending a failed incompetent president is very frustrating, we understand