Nigeria’s total debt profile office has risen to
N17.36 trillion or $57.39 billion as at December
31, 2016, according to the Debt Management
Office (DMO).

The debt profile stood at N2.03trn ($10.32bn) as
at the end of June 2015, according to record.
The total figure of debt now owed by Nigeria
amount to 500 per cent increase as disclosed by
the Director General of the DMO, Dr. Abraham
Nwankwo, during the budget defence session by
his office before the Senate Committee on
Foreign and Local Debts.

The DMO DG said the total debt profile of the
country,comprising of both local and foreign
debts, has been on the increase since July 2015
due to prevailing economic challenges at hand
for both the federal and state government.

He said while the federal government domestic
debt stock as at December 31, 2015 was N8.84trn,
it rose to N11.06trn as at December 2016.
Nwankwo also explained that the total debt
profile of $57.39bn is made up of external debt
stock of $11.41billion (N3.48trn and domestic
debt stock of $45.98bn (N13.88trillion).
According to him, the debt owed by the 36 states
of the federation and the Federal Capital
Territory (FCT) accounted for about 32.45 per
cent and the federal government accounting for
the remaining 67.55 per cent.

Chairman of the committee, Senator Shehu Sani
(APC Kaduna Central), had, however, asked the
DMO D-G why the federal government has not
sought for debt relief from the creditors as once
did.

Nwankwo in response, expressed confidence that
the Nigeria economy was still strong despite the
debt overhang, where as his response angered
members of the Committee.

The DMO boss said, “In our humble view, Nigeria
is not in a position to beg for debt forgiveness.
Nigeria is still a very strong economy. We have
some challenges; but, Nigeria has not reached a
stage that it needs to beg for debt
forgiveness. We are not in that position, sir”, he
said.

Angered by the DMO DG’s response, Senator
Shehu Sani accused him of being careless and
insensitive to the plights of ordinary Nigerians
with his stance against seeking for debt relief.
He said: “It is shocking that in 2006, people
found it easier to feed their families and pay the
fees of their children and rents. Now, things are
in a very bad shape. But you’re speaking not
typical of somebody, who lives with the people
but like somebody who is speaking from
an‘expert’ point of view.

“You said we are not in a bad position to ask for
debt forgiveness. If you are talking from the
point of how our people live nowadays, you
would not be able
to say such things. But you are speaking naturally
as an expert. The question we are putting to you
is that, when we went round the world seeking
for debt forgiveness, were we in a situation that
was worse than this?”

Responding, Nwankwo insisted that the questions
asked “are bigger than public debt management.”
He explained that he had made a
recommendation on how the economy could be
turned around by raising the infrastructure
deficit.

He added, “Beyond that, I don’t think I have the
mandate and I don’t want to presume that I have
the capability to come here and pontificate on
how all the problems of Nigeria can be resolved
because that is not my mandate. And I will be
very presumptuous to be saying that.”


https://dailytimes.ng/headlines/nigerias-total-debt-profile-rises-n17-4trn-n2tn-2015/amp/

BLOOD OF ZACHARIAH! What are they using all the money to do
A.P.C IS THE WORLD GREATEST SCAM OF ALL TIME.

Wailers food don land ooo

GEJ is responsible. He should return all the monies him and his band of criminals stole from us

How could he have done all these damage in 6years? Jonathan is really an incompetent clueless buffoon. Worst of. He hasn't even come out to condemn the likes of deziani and Andrew Yakubu because he clearly endorsed corruption.

N2.03trn to N17.36trn


Buhari is a miracle worker


Isn't he?

And they still want to borrow more.Only God can save us in this country...

Sincerely, be not political about this.
How much would we use to service this debt as we borrow away what should have being generated.
Now, the question is, the said money is higher than both 2016 & 2017 budget figures combine, so where is the cash channeled to?
Does it mean we have not generated IGR for the past 2 years?

#youthsaskquestions

I am beginning to think or suggest that the government tell us how much they borrow in Naira, because sometimes name it in dollars makes it look small.
E.g $30b = #15trillion Naira @#500=$1

#youthsarize

This debt is really massive.

Buhari & APC has killed us

passingshot, omenkalives, modath, sarrki, midlonian, disloman, ionsman, other zombies on nairaland, come n see the handiwork of plesident moohaMADoo bOOharia the commander in chief of FAILURE!

If this isn't change, dont know what change is again.

The ineffectual dullard aka illiterate dullard, aka za oza room, aka dead brain aka walking corpse, aka lanky thief, aka thin crook, aka blamer.


God bless niJURIa.

God! Please come and intervene concern our situations in this Nation. Amen!

xstry:
GEJ is responsible. He should return all the monies him and his band of criminals stole from us

keep decieving ur self. by d time buari is done with nigeria, u will wish he was never born.

Yet baba wants to borrow more.tomorrow one callow,gullible nigerian will put all the blame on gej...

How long shall we continue to blame GEJ. Nobody is giving us feedback of how much PMB has generated so far and what it has been spent that benefit Nigerians. This is the debts that OBJ almost pay off with the effort of Okonjo Iweala and now resurfacing. How comes about this sharp increase in our debt profile and what exactly can one pinpoint that the money borrowed benefit Nigerian masses. Oh God, save us from this One Chance regime.

xstry:
How could he have done all these damage in 6years? Jonathan is really an incompetent clueless buffoon. Worst of. He hasn't even come out to condemn the likes of deziani and Andrew Yakubu because he clearly endorsed corruption.

My friend compare buhari's less than two yrs and predict his remaining six. He wll likely make jona a saint

In less than two yrs, we incurred all that

One can't help but wonder what the borrowed money is used for bcz we aren't seeing the effect on the masses..

God help us

lalasticlala

My bro told me the looting ongoing in ministries under buhari is scary



come oh

Hmmm,una well done,I know another goat will write a long essay blaming GEJ.

Change is REAL!
Underdeveloped JUNGLE with SUPER-POWER caliber DEBT!

Buhari shouldn't be allowed to lead cattle but we allowed him lead a nation of 170 million people...see where we are now

Selling bonds here and there in the domestic market is very bad for the economy,govt should please stop,its killing the economy driving the rate of credit high and killing the naira,govt should allow the dollar to float for pete'S sake

Chanji indeed!

zombies would write long epistle blaming gej as usual.like the problem of Nigeria starts and end with gej.

buhari Is a very clueless nonentity

Some people here do not deserve to have brains cos they can't make use of them.They are a disgrace to humanity.Some don't know how they come up with the figures displayed.

xstry:
How could he have done all these damage in 6years? Jonathan is really an incompetent clueless buffoon. Worst of. He hasn't even come out to condemn the likes of deziani and Andrew Yakubu because he clearly endorsed corruption.

Your blame game can't work here anymore..

Buhari oO

Government that has no direction.

The zoo is finished! Abasi eh

If true,
For the sake of knowing,
Divide 17 trillion by 170 million people.

. This means every
. Nigerian owes about
. 100 000 naira to ...

The true figures are more likely to be N12 trillion to N17trillion. Debt was not N2trillion in 2015 as we had $60bn in debt in 2015.