Nigeria’s debt burden hits N25.7 trn – DMO

Nigeria’s Debt Management Office (DMO) has disclosed that the country’s total debt profile is now at N25.7 trillion.

Director-General of the office, Ms Patience Oniha, made this known on Friday while making presentation before the House of Representatives Committee on Public Accounts.

“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 percent of the debt,” she said.

According to Oniha, external borrowing accounts for about 32 per cent of the total debt while 68 percent is domestic.

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

Oniha said that the agency is responsible for the management of public debts and its mandate includes contracting debts on behalf of the Federal Government, adding that 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”, she noted.

Chairman of the committee, Wole Oke in his remarks said it was important for parliament to have all the relevant information documented. “This country belongs to all of us….We have to synergies to ensure this country progresses,” Oke said.

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