DMO reveals Nigeria’s new debt profile

METRO PLUS

How police, other security agencies foiled abduction of 4 Plateau varsity students

Nigerian Security Agencies have prevented the abduction of about four students of the Plateau State University in Bokkos Local Government Area of...

Father kills 18-year-old son in Kano over missing palm oil

A resident of the Gwazaye Quarter in the Kumbotso Local Government Area of Kano State, Awaisu Nagyala, has allegedly beaten his 18-year-old...

Security guard invites robbers to rob employer

The Ondo State Police Command has arrested a security guard working at the S.A. Filling Station in Ondo town, Abiodun Osuntimehin, for...

Three killed as robbers attack bank in Delta

Armed robbers on Tuesday reportedly killed three persons when they attacked a bank in the Issele-Uku, Aniocha North Local Governments Area of...

Kidnapping: Court laments delay in Evans trial

Justice Oluwatoyin Taiwo of an Ikeja Special Offences Court has expressed worries over the delay in the trial of Chukwudumeme Onwuamadike, popularly...

The Debt Management Office (DMO) has revealed that Nigeria currently has a debt profile of N25trillion.

The Director-General of the DMO, Patience Oniha, on Friday, at the public hearing organized by the House of Representatives committee on Public Account, disclosed that the debt belongs to the three tiers of government; federal, states and local governments.

She disclosed that federal government alone was responsible for 80% of the entire debt.

“As at June 2019, our debt profile was at N25.7 trillion; this include 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.

She also revealed to the committee that the external borrowing accounts for about 32 per cent of the total debt while the 68 per cent is domestic.

Oniha stated that 85% of the budget deficit is funded by borrowing from both internal and external sources.

“If you look back several years, over 85 per cent of budget deficits were 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, the 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.

The Chairman of the Committee, Wole Oke (PDP, Osun) In his reaction to the Oniha’s submission, he called for collaboration between the arms of government.

“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 synergies to ensure this country progresses,” Oke said.

Sign up to FREE email alerts from Tribunepoint Weekly - Daily News

When you subscribe we will use the information you provide to send you these newsletters. Sometimes they’ll include recommendations for other related newsletters or services we offer. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time.

- Advertisement -

Read Also

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

How police, other security agencies foiled abduction of 4 Plateau varsity students

Nigerian Security Agencies have prevented the abduction of about four students of the Plateau State University in Bokkos Local Government Area of...

More clashes in Minnesota after police shoot, kill Black man

Police clashed with protesters for a second night in the Minneapolis suburb where an officer who authorities say apparently intended to fire...

Ontario’s hard-hit ICUs aren’t just running out of beds, but also doctors and nurses

As the third wave overtakes the province, with no sign of slowing down, Ontario’s hospitals are turning into war zones — and...

Air Canada, Canadian government reach agreement in $5.9-billion ‘liquidity program’

Air Canada and the federal government have reached an agreement on a $5.9-billion aid package that the company says will speed up...

Kidnap epidemic: Gunmen abduct 18 in Ogun, Oyo, Rivers, Imo, Katsina

*Kidnappers whisk Ogun doctor, nurse away, NMA expresses concern *Gunmen kidnap Imo monarch, five traditional chiefs, two...