Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss - Politics - Nairaland
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FAAC: FG, States, Lgs Share N647.39bn – Adeosun / 5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria / Nigeria’s Debt Profile Now $57.39bn-vanguard (2) (3) (4)
| Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by BeeBeeOoh(m): 12:11am On Feb 17, 2017 |
ABUJA—The Debt Management Office, DMO, said yesterday that the nation’s total debt profile currently stood at $57.39 billion. http://www.vanguardngr.com/2017/02/nigerias-total-debt-profile-57-39bn-dmo-boss/ Lalasticlala, Mynd44
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| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by sarrki(m): 12:16am On Feb 17, 2017 |
Nigeria's Reserves May 1999 - Feb 2017. May 1999 (OBJ Becomes President) Reserves: $3.7 Billion ECA: $0 May 2007 (OBJ Hands Over To Yar'Adua) Reserves: $31.4 Billion ECA & FG Savings: $12 Billion Sept 2008 (Yar'Adua Presides Over Highest External Reserves) Reserves: $40 Billion ECA: $22 Billion Feb 2010 (GEJ Becomes Acting President) Reserves: $40.68 Billion ECA: $6.5 Billion 2012 (GEJ Highest Reserves) Reserves: $47.5 Billion ECA: $11.5 Billion Jan 2015 (GEJ Reserves Pre-Election) Reserves: $34 Billion ECA: $2.45 Billion SWF: $1Billion 29 May 2015 (GEJ Handover to Buhari ) Reserves: $29.4 Billion ECA: $2.07 Billion SWF:$1 Billion 30 May 2016 (Buhari 1st Year) Reserves: $26.4 Billion ECA: $2.26 Billion SWF: $1.5Billion Feb 2017 (Current) Reserves: $30.5Billion ECA: $2.47 Billion SWF: $1.5 Billion ~ Bucky 2017 **Info gleaned from CBN Website & Statements Of Ministers Of Finance & CBN Governors. 1 Like 3 Shares |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by BeeBeeOoh(m): 12:17am On Feb 17, 2017 |
And they are still talking about $30bn loan?? |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by Davash222(m): 12:20am On Feb 17, 2017 |
And they still want to borrow $30Billion  2 Likes |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by sarrki(m): 12:24am On Feb 17, 2017 |
BeeBeeOoh: Loan is not bad The bad thing is to collect loan and use it to pay internal debt If it will be use on infrastructure and other social amenities that will generate job at the long run Then it's good We should learn not to mislead the public |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by basilo102: 12:30am On Feb 17, 2017 |
s 1 Like
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| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by nwabobo: 12:40am On Feb 17, 2017 |
sarrki: Can we see the debt profiles too. 1 Like |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by sarrki(m): 12:44am On Feb 17, 2017 |
nwabobo: Director-General of DMO, Dr. Abraham Nwankwo, who disclosed this when he appeared before the Senator Shehu Sani’s Committee on Foreign and Local Debts to defend his agency’s budget proposal, said the total debt stock comprised external and domestic debts of the federal government, those of the 36 states of the federation and the Federal Capital Territory, FCT, as December 31, 2016. Let us know how much was incured by the present government? By the immediate administration? It's very key |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by OreMI22: 12:49am On Feb 17, 2017 |
BeeBeeOoh: The game plan is to continue borrowing massively until the debt is unsustainable. Then they will simultaneously deplete the foreign reserve. Only God can save nigeria from vultures plotting its demise so they can feed on its carcass 1 Like |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by sarrki(m): 12:59am On Feb 17, 2017 |
OreMI22: Under President Goodluck Jonathan, the Federal Government has borrowed a total of N2.57tn. Thus, the Federal Government’s debt profile rose from N4.18tn as of June 30, 2010 to N6.75tn as of June 30, 2012. Jonathan was sworn in as Nigeria’s Acting President on February 10, 2010 following the death of President Umaru Yar’Adua and was later sworn in as the elected president on May 29, 2011. Records obtained from the Debt Management Office showed that four months after Jonathan became Acting President, the total debt profile stood at N4.18tn (as at June 30, 2010). However, by June 30, 2012; the debt profile had ballooned to N6.75tn. This shows that within a period of 24 months or two years, the Federal Government debt profile rose by 61.48 per cent. Analysis of the debt increment between June 30, 2010 and June 30, 2012 shows that the Federal Government borrowed an average of N107.08bn every month for 24 months or a total of N1.285tn per annum. If the increment in debt profile is subjected to daily analysis, the Federal Government borrowed N3.52bn every day for a period of two years. This debt profile is exclusive of the nation’s total debt portfolio as it is more difficult to determine the total indebtedness of the subnational government – the state and local governments. While the DMO put the external indebtedness of the 36 states of the federation and the Federal Capital Territory at $2.21bn (N344.96bn) as at June 30, 2012; their domestic debt profile could not be obtained as the data are being determined by the debt office. As at June 2012, the states’ external debt profile constituted 36.7 per cent of the nation’s foreign indebtedness while the Federal Government accounted for 63.3 per cent of the external debt portfolio. Although DMO has worked out the domestic indebtedness of the Federal Government as at September 30, 2012 as N6.34tn, the external debt profile of the date had not yet been determined. The combined external debt of both the states and the Federal Government, which stood at N7.33tn in September, has not yet been split between the two tiers of government. Debt breakdown Analysing the local debt component by instrument showed that as at June 30, 2010, Federal Government of Nigeria Bonds known for short as FGN Bonds accounted for 63. 97 per cent (or N2.41tn) of the domestic debt component. Nigeria Treasury Bills accounted for N901.02bn or 23.93 per cent while Treasury Bills accounted for N392.07bn or 10.41 per cent. Development Stocks, on the other hand, accounted for N220m or 0.01 per cent while Promissory Notes accounted for N63.03bn or 1.67 per cent. For June 2012, FGN Bonds accounted for N3.71tn or 60.37 per cent; Nigerian Treasury Bills N2.08tn or 33.88 per cent; and Treasury Bonds N353.73bn or 5.75 per cent. While the external debt profile increased by 18.03 per cent within the two year period, the domestic component increased by 63.48 per cent. This clearly shows the trend in the past seven years. The government had shown a preference for borrowing from the domestic market. Most of the domestic debts had not been tied to any specific project but had been raised to finance budget deficits. Economist and Head of Research and Strategy at BGL Securities Limited, Mr. Olufemi Ademola, had attributed the increase in domestic debts to shortfall in revenue and the controversial oil subsidy expenditure. What the Federal Government had done over the past few years was to show foreign debts the exit door and open the doors too large for domestic debts. That, however, may have been put on the reverse gear with recent developments. Request for fresh loan Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo Iweala, had not hidden her preference for foreign borrowing as she had insisted that the Federal Government was crowding the private sector from the local debt market. This means that with the Federal Government active in the local debt market, lenders would always prefer to lend to the government to the detriment of the private sector operators that also need money to develop their businesses. Although Okonjo-Iweala championed the nation’s exit from foreign debt crisis between 2004 and 2006, since she resumed in government as the Coordinating Minister of the Economy, the Federal Government has become more active in the foreign debt market. The Federal Government had recently presented to the National Assembly a plan to borrow $8bn from external sources for infrastructure development. The plan met some opposition from some members of the National Assembly. Should it go ahead with the $8bn loan, the move will balloon the Federal Government’s foreign debt to $13.91bn. While presenting the 2012 budget proposal to the National Assembly, President Goodluck Jonathan had lamented that the domestic debt has been growing at an alarming rate in recent years. https://www.naij.com/16198.html 1 Like 1 Share |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by nwabobo: 1:27am On Feb 17, 2017 |
sarrki: You can access all those from the DMO website. Buhari has finished Nigeria. |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by sarrki(m): 1:30am On Feb 17, 2017 |
nwabobo: Bro I know I pulled up this Under President Goodluck Jonathan, the Federal Government has borrowed a total of N2.57tn. Thus, the Federal Government’s debt profile rose from N4.18tn as of June 30, 2010 to N6.75tn as of June 30, 2012. Jonathan was sworn in as Nigeria’s Acting President on February 10, 2010 following the death of President Umaru Yar’Adua and was later sworn in as the elected president on May 29, 2011. Records obtained from the Debt Management Office showed that four months after Jonathan became Acting President, the total debt profile stood at N4.18tn (as at June 30, 2010). However, by June 30, 2012; the debt profile had ballooned to N6.75tn. |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by Lordxeer(m): 1:33am On Feb 17, 2017 |
front page material.. space booked, just incace. |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by basilo102: 2:51am On Feb 17, 2017 |
sarrki:but it is now 17 trillion within buhari's two years, so is worse? 2 Likes |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by SayTheTruthNow: 3:15am On Feb 17, 2017 |
sarrki: Atleast people were able to eat and send their children to school during all the mentioned tenure, unlike now. 2 Likes |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by Blue3k(m): 3:21am On Feb 17, 2017 |
What was Jonathan doing between 2012 an 2015? |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by basty: 3:48am On Feb 17, 2017 |
basilo102: It is your brain that is empty. Can't you read between the lines? |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by sarrki(m): 5:57am On Feb 17, 2017 |
basilo102:that was just 4 months into Gej administration 1 Like |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by ivandragon: 6:07am On Feb 17, 2017 |
what PMB's supporters know but refuse to acknowledge about our foreign reserves under GEJ is the issue of Fuel subsidy in particular & the socioeconomic vagaries in general. it was GEJ that pointed out the fuel subsidy was not sustainable & was fraught with fraudulent activities which can only be checked by it's removal. furthermore, to encourage private investment (building of refineries), govt had to deregulate that part of the sector. but most Nigerians refused. if subsidy had gone in 2012, Nigeria would have saved an average of between $10-$12b yearly. meaning between Jan 2012- Dec 2014, we would have saved an additional $30-$36b which would have given us a total of about $60-$66b in the reserves. mind you, if crude is now sold at less than $60 pb & we purchase PMS at N145 with no 'obvious' subsidy, it can only be imagined what we were truly paying as subsidy with crude oil at $100pb & PMS at N97. Furthermore, an economy that is developing at a rapid rate cannot not also be saving 'everything' it earns. its like a man bragging that he has saved a lot of money in his account when he lives under the bridge & is daily exposed to unhealthy elements... it makes no sense. to live well, you need to spend a larger percentage of your income. Nigeria has a huge population- infrastructure deficit which had been on ground since the mid to late 70s when infrastructural development stopped keeping pace with population growth. to correct this deficit, money needs to be pumped massively into the economy... 2 Likes |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by Standing5(m): 6:41am On Feb 17, 2017 |
sarrki:If FG takes $30bn loan to build 2 Dangote refinery then NO PROBLEM. Taking it to lavish and loot is the problem. 1 Like |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by izombie(m): 6:57am On Feb 17, 2017 |
Davash222:yes because they need a round number. They want to make it 100billion dollars before 2019. |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by nwabobo: 6:58am On Feb 17, 2017 |
sarrki: And it's now how many trillion? |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by Boleyndynasty2(f): 7:38am On Feb 17, 2017 |
Everyone on Nairaland just can't wait for a thread to land before they start measuring D*ck between GEJ and PMB. The only annoying thing about this debts are, we don't see what the money was used for. It always starts and ends in paper and the cash falls into politicians pockets |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by lincolnj88: 7:39am On Feb 17, 2017 |
 with all this analysis...you failed to tell us the Nigeria debt profile as at 2015 may 29... And as at 2017 February........@sarki you zombeism never tell you say ya scam artists has deducted $2.83b to settle manufacturers demands of FX..... They just announced the increased in foreign reserves to fool people like you ,despite backlogs of FX demands,you were still unable to ask.... for your information the foreign reserves is now $27 ..only God knows when they would settle airliners and others for us to see what is left out of the reserves... |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by Nukualofa: 8:05am On Feb 17, 2017 |
Imagine this government wants to borrow 30billion dollars more to add to this debt burden we are experiencing. Buhari will wreck us that's why i pray for him not to return |
| Re: Nigeria's Total Debt Profile Stands At $57.39bn - DMO Boss by BeeBeeOoh(m): 10:20am On Feb 17, 2017 |
http://www.vanguardngr.com/2017/02/nigerias-total-debt-profile-57-39bn-dmo-boss/ Lalasticlala, Mynd44 |
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