Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,404,564 members, 5,381,851 topics. Date: Wednesday, 22 January 2020 at 07:57 PM

Nigeria Owes N25.7 Trillion – DMO - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Nigeria Owes N25.7 Trillion – DMO (6307 Views)

DMO Releases List Of Indebted States And How Much They Owe / Nigeria Owes Iocs $5.1b, Says NNPC / Nigeria Owes NNPC N170b In Subsidy Payments (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

Nigeria Owes N25.7 Trillion – DMO by Racoon(m): 1:44am On Nov 26, 2019
Nigeria borrows N410bn for capital projects in 2018 Budget-DMO.The Debt Management Office (DMO) says that Nigerian’s total debt profile is N25.7 trillion.

The Director-General of the office, Patience Oniha, announced this while addressing House of Representatives Committee on Public Account on Friday in Abuja.

“As at June 2019, our debt profile is at N25.7 trillion; this includes the federal, states governments and the Federal Capital Territory (FCT).We call it the total public debt, out of this total, the federal government is responsible for 80 per cent of the debt,” she said.Ms Oniha said external borrowing accounted for about 32 per cent of the total debt while the 68 per cent was domestic.

She explained that the DMO was an agency of government which began operations in 2000 following the debt management problems of the country which led to the debt relief.

Ms Oniha said that the agency was responsible for the management of public debts and its mandate includes contracting debts on behalf of the Federal Government.The director-general said this is clear under the Fiscal Responsibility Act and provisions in the DMO Act.

“If you look back several years, over 85 per cent of budget deficits are funded by borrowing which the DMO undertakes as approved by the Federal Executive Council and the National Assembly.

“We borrow from various sources, the multi-laterals, World Bank, Islamic Development Bank, the African Development Bank, China Exim and we also issue products in the international market.

“Locally, we are also very active in domestic borrowing, we issue treasury bills, federal government treasure bonds,” she said.

Ms Oniha said DMO also serves as an advisory body for the federal government on debt management and to put debt at 25 per cent ratio to the Gross Domestic Product (GDP).

She explained that the agency did not receive any amount borrowed, saying that it was paid directly to the Central Bank of Nigeria which ensured that the money was used for what was borrowed for.

The chairman of the committee, Wole Oke (PDP-Osun), said it was important for parliament to have all the relevant information documented.

He said the parliament needed additional facts and figures following the Minister of Finance’s revelations during 2020 budget defence that revenue generation was a challenge in the country.


The lawmaker said the committee was determined to check Ministries, Departments and Agencies (MDAs) and to avert abuse of the law in the area of remittances of revenues generated.

Mr Oke said even when the MDAs had powers to spend revenue generated, the committee was determined to ensure transparency and accountability.

“This country belongs to all of us, irrespective of the three arms the Constitution recognises, those in the Executives, Legislature and Judiciary are all Nigerians.We have to synergise to ensure this country progresses,” Mr Oke said.(NAN)

https://www.premiumtimesng.com/news/more-news/364665-nigeria-owes-n25-7-trillion-dmo.html

Re: Nigeria Owes N25.7 Trillion – DMO by Racoon(m): 2:03am On Nov 26, 2019
Imagine Nigeria's debt internal/external debt profile today comparable with its GDP and you wonder why its has never made any economic progress under the APC govt.

All they are concerned with is borrowing and enforcement of anti-human taxation policies to shore up revenue just to service debts with less monies for capital project development despite the many lies of improved staggering revenue generation by various agencies of goverment.

To think that these are the same hypocrites who have borrowed more within a short time than any government in histroy with no clear evidence of what these debts were used for shows how hypocritical the APC can be.

All they know is how to continue to mortgage Nigeria into chronic eternal financial indebted-ness without considering the economic implications.

31 Likes 2 Shares

Re: Nigeria Owes N25.7 Trillion – DMO by Danzakidakura(m): 2:39am On Nov 26, 2019
This is what you get when you hand over power to thieves and terrorists. They will borrow money shear it among themselves, use bullion van transport the money to their houses. Pdp left a dept of 11trillion after 16 years and within 5 years of apc they have borrowed over 13 trillion.

44 Likes 6 Shares

Re: Nigeria Owes N25.7 Trillion – DMO by obidark: 2:43am On Nov 26, 2019
and amelika owes over 20trillion dollars....

so what....??
Re: Nigeria Owes N25.7 Trillion – DMO by obidark: 2:46am On Nov 26, 2019
this your argument dont have start and end....

you must invest to get in even more....
this is how economies work....

their is practicaly no nation on earth that is debt free....

its either external debt or internal debt....all the same thing....
Re: Nigeria Owes N25.7 Trillion – DMO by sweetonugbu: 3:51am On Nov 26, 2019
How much was borrowed since this government came onboard?.
Re: Nigeria Owes N25.7 Trillion – DMO by omowolewa: 4:19am On Nov 26, 2019
Taking debt which doesn't have impact on citizens like $2.1b Dasuki money.

Taxpayers struggling to pay looted debts after Ngozi went begging for forgiveness.

2 Likes

Re: Nigeria Owes N25.7 Trillion – DMO by byrron(m): 4:42am On Nov 26, 2019
“We borrow from various sources, the multi-laterals, World Bank, Islamic Development Bank, the African Development Bank, China Exim and we also issue products in the international market.

“Locally, we are also very active in domestic borrowing, we issue treasury bills, federal government treasure bonds,” she said.

Congratulations

2 Likes

Re: Nigeria Owes N25.7 Trillion – DMO by SolarForce: 5:36am On Nov 26, 2019
Lmao! How come we are all not being arrested

1 Like

Re: Nigeria Owes N25.7 Trillion – DMO by Burgerlomo: 5:38am On Nov 26, 2019
Just 50 people or less in that kontiri can pay back that money, anyway it's well cool

3 Likes

Re: Nigeria Owes N25.7 Trillion – DMO by leofab(f): 5:43am On Nov 26, 2019
More requests forloans are in full gear..

6 Likes

Re: Nigeria Owes N25.7 Trillion – DMO by ebuclassic18(m): 5:43am On Nov 26, 2019
Have not seen any meaningful project completed with that money

2 Likes

Re: Nigeria Owes N25.7 Trillion – DMO by Spatta: 5:43am On Nov 26, 2019
hmm
Re: Nigeria Owes N25.7 Trillion – DMO by bigerboy200: 5:45am On Nov 26, 2019
Oluwa wetin dey happen? Naija matter just get as e be. Borrow borrow up and down yet no meaningful impact to society.

2 Likes

Re: Nigeria Owes N25.7 Trillion – DMO by crownwealth: 5:46am On Nov 26, 2019
Onigbese Government of the day.

All Na change & next Level

1 Like 1 Share

Re: Nigeria Owes N25.7 Trillion – DMO by crownwealth: 5:48am On Nov 26, 2019
Danzakidakura:
This is what you get when you hand over power to thieves and terrorists. They will borrow money shear it among themselves, use bullion van transport the money to their houses. Pdp left a dept of 11trillion after 16 years and within 5 years of apc they have borrowed over 13 trillion.


Confirmed thieves & terrorists in gonment my brother

2 Likes

Re: Nigeria Owes N25.7 Trillion – DMO by alhussein9(m): 5:48am On Nov 26, 2019
Over 90% of the debt was looted. No doubt!
Re: Nigeria Owes N25.7 Trillion – DMO by sylve11: 5:49am On Nov 26, 2019
@ those complaining, to sin by silence when when you all should protest makes cowards of men and women. Go to the street and protest if you don't like the way things are going. sad undecided cool
Re: Nigeria Owes N25.7 Trillion – DMO by ReubenE(m): 5:49am On Nov 26, 2019
This is sad.

If Nigerians are allowed to borrow the debt ratio per individual Nigerians, I'm sure every body would better things for themselves than the government is doing for us, except for few that will spend it on alcohol and women

2 Likes

Re: Nigeria Owes N25.7 Trillion – DMO by alomadmw: 5:51am On Nov 26, 2019
[center]but we call ourselves giant of africa with oil and other mineral resources yet we borrow loan.[/center]
Re: Nigeria Owes N25.7 Trillion – DMO by pickatyou: 5:54am On Nov 26, 2019
Nigeria will soon become the debt capital of the world
Re: Nigeria Owes N25.7 Trillion – DMO by Quincykay: 6:02am On Nov 26, 2019
It's all relative. The issue is not the debt, the issue is that the money borrowed should be used for what is was borrowed for. It's like, there's nothing wrong with taking a bank loan (mortgage) to buy a house, but if you then spend it on vacation and cars... that's a problem. So accountability and fiscal responsibility is the issue. If look HERE you'll see our debt profile is not that bad. You'll need to scroll down.. wink

1 Like

Re: Nigeria Owes N25.7 Trillion – DMO by Quincykay: 6:04am On Nov 26, 2019
SolarForce:
Lmao! How come we are all not being arrested

lol cheesy That's hilarious!

1 Like

Re: Nigeria Owes N25.7 Trillion – DMO by hotwax: 6:10am On Nov 26, 2019
Quincykay:
It's all relative. The issue is not the debt, the issue is that the money borrowed should be used for what is was borrowed for. It's like, there's nothing wrong with taking a bank loan (mortgage) to buy a house, but if you then spend it on vacation and cars... that's a problem. So accountability and fiscal responsibility is the issue. If look HERE you'll see our debt profile is not that bad. You'll need to scroll down.. wink

So tell us what was the money used for?

10billion was borrowed for yahyah Bello so he could win election last week...is that asset to you?

Omisore was given 161million to rig osun election coupled with 12billion released to aregbesola before election.

Thats what summed up to the 22trilion...

Borrowing money to hold on to power and tyranny

3 Likes

Re: Nigeria Owes N25.7 Trillion – DMO by Debaiz: 6:21am On Nov 26, 2019
Ok
Re: Nigeria Owes N25.7 Trillion – DMO by Princelyon247(m): 6:27am On Nov 26, 2019
I don tire for this country no be small
Racoon:


https://www.premiumtimesng.com/news/more-news/364665-nigeria-owes-n25-7-trillion-dmo.html
cc Lalasticlala, mynd44, OAM4J
Re: Nigeria Owes N25.7 Trillion – DMO by NigeriaBam: 6:40am On Nov 26, 2019
Interesting
Re: Nigeria Owes N25.7 Trillion – DMO by Terenike(m): 6:41am On Nov 26, 2019
Debtors
Re: Nigeria Owes N25.7 Trillion – DMO by Kenturkey048(m): 6:48am On Nov 26, 2019
Danzakidakura:
This is what you get when you hand over power to thieves and terrorists. They will borrow money shear it among themselves, use bullion van transport the money to their houses. Pdp left a dept of 11trillion after 16 years and within 5 years of apc they have borrowed over 13 trillion.
yet some mumu would say PDP depleted their national treasury.

1 Like

Re: Nigeria Owes N25.7 Trillion – DMO by shosky1794: 6:54am On Nov 26, 2019
Our debt to GDP ratio is still one of the lowest in the world. US, Japan and some of the these big western nations have some the highest debt to GDP ratios and they are still borrowing more. We should be well informed before we make comments here

1 Like

Re: Nigeria Owes N25.7 Trillion – DMO by airbrush: 6:55am On Nov 26, 2019
Racoon:


https://www.premiumtimesng.com/news/more-news/364665-nigeria-owes-n25-7-trillion-dmo.html



The federal government is responsible for 80 per cent of the debt

you can see how reckless and clueless buhari is or rather abba kyari is

Tomorrow zombie go get mind call goodluck clueless

(1) (2) (3) (Reply)

Alison-madueke Summoned By Reps Over Fuel Scarcity / Nigeria Signs N33.14b MOU On Power Transmission With France / Boko-Haram Denies Killing Major-General Shuwa

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2020 Oluwaseun Osewa. All rights reserved. See How To Advertise. 89
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.