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Nairaland Forum / Nairaland / General / Politics / Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts (979 Views)
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Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by Chigold101(m): 8:43am On May 24, 2015 |
Coordinating Minister for the Economy (CME) and Minister of Finance, Dr. Ngozi Okonjo-Iweala, on Saturday put the nation’s total debt stock at $63.7 billion, which encompasses multilateral as well as domestic loans by successive federal and state governments since 1960. She said that of this figure, $21.8 billion was incurred under the outgoing government of President Goodluck Jonathan. Her disclosure is coming on the heels of remarks by Vice President-elect Yemi Osinbajo that the outgoing administration of President Jonathan will be leaving a huge debt of $60 billion for the incoming administration of Muhammadu Buhari. Speaking during an interactive session with finance correspondents in Abuja on Saturday, she said it was wrong to blame the Jonathan administration for the huge debt stock which she said was accumulated over a long period of time by several administrations. Giving insight into the $21.8 billion debts incurred under the Jonathan government the minister said the debts were made up of $18 billion domestic component and $3.7 billion external component. According to her between 2007 and 2011, a debt of $17.3 billion was recorded while between 2012 and 2015, the debt incurred stood at $18.1 billion. She explained that the leap in the debt profile between 2012 and 2015 was triggered off by the 53 per cent wage increase implemented by the late Umaru Yar’Adua administration in a fell swoop. This, she said, skyrocketed government’s borrowing from N524 billion to over N1 trillion in order to meet the salary increase, adding that the country’s domestic debt increased by $18.1 billion mainly because of the 53 per cent increase in the pay of civil and public servants. The minister stated that at the time of the salary increase, she was still with the World Bank, adding that she had written and warned on the consequences of acquiescing to such a huge increase. Absolving the Jonathan administration of blame, the minister said the government had in deed taken a careful and meticulous approach to managing the nation’s debt, noting that the present administration, for the first time in the nation’s history, retired a domestic debt of N75 billion in 2013. Commenting on the $63.7 billion debt stock, the minister said $9.7 billion or 15 per cent is external while $54 billion or 85 per cent represents domestic debt. She added that the states’ share of the $9.7 billion external debt is 33 per cent while the states’ share of the $54 billion is 20 per cent. Okonjo-Iweala pointed out that Nigeria still has one of the lowest fiscal deficits in the world with debt to GDP ratio of about 1.5 per cent of the budget, adding that the government has used the right tools to manage the economy and has only borrowed at very low concessionary rates to fund important infrastructure initiatives in agriculture, aviation, power, roads, health, and water resources, among others. The minister added that where the country should watch carefully is the debt service to revenue, which is at 22 per cent. She argued that it was wrong to “to characterise the Jonathan administration as leaving $63 billion debt since the country’s debt stock was accumulated over a long time by several administrations. |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by Chigold101(m): 8:46am On May 24, 2015 |
Source: http://www.thisdaylive.com/articles/okonjo-iweala-jonathan-incurred-21bn-of-63bn-national-debts/210139/?utm_source=twitterfeed&utm_medium=twitter Lalasticlala seun make una copy this...fp things |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by ArchEnemy(m): 8:48am On May 24, 2015 |
Fuel scarcity, poor electricity...etc You wonder where some of this money is going - mis management, looting and what have you. |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by Chigold101(m): 9:14am On May 24, 2015 |
ArchEnemy:lolzzz if you actually read the news you will see where the money was put into use... |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by Sealeddeal(m): 9:22am On May 24, 2015 |
APC is looking for an excuse to their failure. As long as i am concerned,GEJ is the best Nigerian President and Dr Okonjo Iweala is the architect of Nigeria economic revival and remain the best Finance minister nigeria ever had. |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by ArchEnemy(m): 10:02am On May 24, 2015 |
Chigold101:you mean the salary increase? Can you beat your chest that some of the debt did not enter into some people's pockets? |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by Chigold101(m): 10:31am On May 24, 2015 |
ArchEnemy:well my brother... One way of living a healthy life is trying not to prempt people. The records are there for APCheats government to see when they take over power. The truth is that Okonjo Iwela has set the records straight because Pastor Osinbajo decided to lie to Nigerians about how GEJ incured over 60billion dollars debt... |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by ArchEnemy(m): 10:34am On May 24, 2015 |
Chigold101:bro, it is a summation of mis management by various governments and politicians that we are suffering from |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by Nobody: 10:40am On May 24, 2015 |
How much did the last election campaign contribute to this debt? That's what i want to hear from okonjo. |
Re: Okonjo-iweala: Jonathan Incurred $21bn Of $63bn National Debts by Chigold101(m): 8:06pm On May 24, 2015 |
IyaIode:funny u... Is iweala a member of PDP campaign team? |
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