The Asset Management Corporation of Nigeria (AMCON) has threatened to seize the accounts of the 36 states of the federation over huge outstanding public debts.

The Debt Management Office (DMO), the government agency charged with the responsibility of managing the country’s debt, puts the country’s total debt stock at $5666.6million (external) and N5.623trillion (domestic) as at December 31, 2011.

A breakdown of the figures shows that the foreign debt stock is made up of $4.567billion to multilateral institutions, consisting the World Bank, African Development Bank (ADB), International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Fund for Agricultural Development (IFAD), African Development Foundation (ADF) as well as Islamic Development Bank (IDB).

A further breakdown indicates that $453.83million of the liability comprises bilateral non-Paris club debt, and $143.82million commercial debt, while Eurobond stands at $500million... read more: http://premiumtimesng.com/business/4429-amcon_may_seize_36_states_accounts_over_n337_7billion_public_deb.html