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Nairaland Forum / Nairaland / General / Politics / Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 (1093 Views)
5.5 Billion Dollar Foreign Loan: Your Debt Profile Is Rising - IMF Warns Nigeria / Reps Summon Adeosun Over N17 Billion ‘office Equipment’ Contract Scam / Economy in shambles as Nigeria’s Debt Profile Rises To N17.36tn (2) (3) (4)
Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by opelyem(m): 8:58am On Feb 17, 2017 |
Nigeria’s total debt profile office has risen to N17.36 trillion or $57.39 billion as at December 31, 2016, according to the Debt Management Office (DMO). The debt profile stood at N2.03trn ($10.32bn) as at the end of June 2015, according to record. The total figure of debt now owed by Nigeria amount to 500 per cent increase as disclosed by the Director General of the DMO, Dr. Abraham Nwankwo, during the budget defence session by his office before the Senate Committee on Foreign and Local Debts. The DMO DG said the total debt profile of the country,comprising of both local and foreign debts, has been on the increase since July 2015 due to prevailing economic challenges at hand for both the federal and state government. He said while the federal government domestic debt stock as at December 31, 2015 was N8.84trn, it rose to N11.06trn as at December 2016. Nwankwo also explained that the total debt profile of $57.39bn is made up of external debt stock of $11.41billion (N3.48trn and domestic debt stock of $45.98bn (N13.88trillion). According to him, the debt owed by the 36 states of the federation and the Federal Capital Territory (FCT) accounted for about 32.45 per cent and the federal government accounting for the remaining 67.55 per cent. Chairman of the committee, Senator Shehu Sani (APC Kaduna Central), had, however, asked the DMO D-G why the federal government has not sought for debt relief from the creditors as once did. Nwankwo in response, expressed confidence that the Nigeria economy was still strong despite the debt overhang, where as his response angered members of the Committee. The DMO boss said, “In our humble view, Nigeria is not in a position to beg for debt forgiveness. Nigeria is still a very strong economy. We have some challenges; but, Nigeria has not reached a stage that it needs to beg for debt forgiveness. We are not in that position, sir”, he said. Angered by the DMO DG’s response, Senator Shehu Sani accused him of being careless and insensitive to the plights of ordinary Nigerians with his stance against seeking for debt relief. He said: “It is shocking that in 2006, people found it easier to feed their families and pay the fees of their children and rents. Now, things are in a very bad shape. But you’re speaking not typical of somebody, who lives with the people but like somebody who is speaking from an‘expert’ point of view. “You said we are not in a bad position to ask for debt forgiveness. If you are talking from the point of how our people live nowadays, you would not be able to say such things. But you are speaking naturally as an expert. The question we are putting to you is that, when we went round the world seeking for debt forgiveness, were we in a situation that was worse than this?” Responding, Nwankwo insisted that the questions asked “are bigger than public debt management.” He explained that he had made a recommendation on how the economy could be turned around by raising the infrastructure deficit. He added, “Beyond that, I don’t think I have the mandate and I don’t want to presume that I have the capability to come here and pontificate on how all the problems of Nigeria can be resolved because that is not my mandate. And I will be very presumptuous to be saying that.” https://dailytimes.ng/headlines/nigerias-total-debt-profile-rises-n17-4trn-n2tn-2015/amp/ 1 Like 1 Share |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by amamahdaniel(m): 9:00am On Feb 17, 2017 |
BLOOD OF ZACHARIAH! What are they using all the money to do A.P.C IS THE WORLD GREATEST SCAM OF ALL TIME. 9 Likes 2 Shares |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by saaedlee: 9:00am On Feb 17, 2017 |
Wailers food don land ooo |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by Nobody: 9:00am On Feb 17, 2017 |
GEJ is responsible. He should return all the monies him and his band of criminals stole from us |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by Nobody: 9:01am On Feb 17, 2017 |
How could he have done all these damage in 6years? Jonathan is really an incompetent clueless buffoon. Worst of. He hasn't even come out to condemn the likes of deziani and Andrew Yakubu because he clearly endorsed corruption. |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by Nobody: 9:02am On Feb 17, 2017 |
N2.03trn to N17.36trn Buhari is a miracle worker Isn't he? 11 Likes
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Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by Nogodye(m): 9:02am On Feb 17, 2017 |
And they still want to borrow more.Only God can save us in this country... 5 Likes |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by Nobody: 9:07am On Feb 17, 2017 |
Sincerely, be not political about this. How much would we use to service this debt as we borrow away what should have being generated. Now, the question is, the said money is higher than both 2016 & 2017 budget figures combine, so where is the cash channeled to? Does it mean we have not generated IGR for the past 2 years? #youthsaskquestions 1 Like |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by Nobody: 9:11am On Feb 17, 2017 |
I am beginning to think or suggest that the government tell us how much they borrow in Naira, because sometimes name it in dollars makes it look small. E.g $30b = #15trillion Naira @#500=$1 #youthsarize 1 Like |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by chriskosherbal(m): 9:13am On Feb 17, 2017 |
This debt is really massive. 1 Like |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by Achuwa1(m): 9:44am On Feb 17, 2017 |
Buhari & APC has killed us 5 Likes |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by poiZon: 10:07am On Feb 17, 2017 |
passingshot, omenkalives, modath, sarrki, midlonian, disloman, ionsman, other zombies on nairaland, come n see the handiwork of plesident moohaMADoo bOOharia the commander in chief of FAILURE! If this isn't change, dont know what change is again. The ineffectual dullard aka illiterate dullard, aka za oza room, aka dead brain aka walking corpse, aka lanky thief, aka thin crook, aka blamer. God bless niJURIa. 2 Likes |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by tope777(m): 10:19am On Feb 17, 2017 |
God! Please come and intervene concern our situations in this Nation. Amen! |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by drss2(m): 10:36am On Feb 17, 2017 |
xstry:keep decieving ur self. by d time buari is done with nigeria, u will wish he was never born. 5 Likes |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by saintgp(m): 11:00am On Feb 17, 2017 |
Yet baba wants to borrow more.tomorrow one callow,gullible nigerian will put all the blame on gej... 4 Likes |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by wildernessVoice: 11:37am On Feb 17, 2017 |
How long shall we continue to blame GEJ. Nobody is giving us feedback of how much PMB has generated so far and what it has been spent that benefit Nigerians. This is the debts that OBJ almost pay off with the effort of Okonjo Iweala and now resurfacing. How comes about this sharp increase in our debt profile and what exactly can one pinpoint that the money borrowed benefit Nigerian masses. Oh God, save us from this One Chance regime. 5 Likes |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by EMPEROniro: 11:41am On Feb 17, 2017 |
xstry: My friend compare buhari's less than two yrs and predict his remaining six. He wll likely make jona a saint 6 Likes |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by queencalipso(f): 12:05pm On Feb 17, 2017 |
In less than two yrs, we incurred all that One can't help but wonder what the borrowed money is used for bcz we aren't seeing the effect on the masses.. God help us 1 Like |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by rozayx5(m): 12:16pm On Feb 17, 2017 |
lalasticlala My bro told me the looting ongoing in ministries under buhari is scary come oh 4 Likes |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by Bizibi(m): 1:08pm On Feb 17, 2017 |
Hmmm,una well done,I know another goat will write a long essay blaming GEJ. 3 Likes |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by KanwuliaExtra: 1:11pm On Feb 17, 2017 |
Change is REAL! Underdeveloped JUNGLE with SUPER-POWER caliber DEBT! 3 Likes |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by SalamRushdie: 1:23pm On Feb 17, 2017 |
Buhari shouldn't be allowed to lead cattle but we allowed him lead a nation of 170 million people...see where we are now 3 Likes |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by masseratti: 1:31pm On Feb 17, 2017 |
Selling bonds here and there in the domestic market is very bad for the economy,govt should please stop,its killing the economy driving the rate of credit high and killing the naira,govt should allow the dollar to float for pete'S sake |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by tuniski: 1:40pm On Feb 17, 2017 |
Chanji indeed! 1 Like |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by Godemcee(m): 2:09pm On Feb 17, 2017 |
zombies would write long epistle blaming gej as usual.like the problem of Nigeria starts and end with gej. buhari Is a very clueless nonentity 1 Like |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by disloman(m): 11:30pm On Feb 17, 2017 |
Some people here do not deserve to have brains cos they can't make use of them.They are a disgrace to humanity.Some don't know how they come up with the figures displayed. |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by ImadeUReadThis: 11:34pm On Feb 17, 2017 |
xstry: Your blame game can't work here anymore.. |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by kings09(m): 11:35pm On Feb 17, 2017 |
Buhari oO |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by juman(m): 1:37am On Feb 18, 2017 |
Government that has no direction. |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by BiafranPrince: 1:43am On Feb 18, 2017 |
The zoo is finished! Abasi eh |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by flamingREED(m): 2:35am On Feb 18, 2017 |
If true, For the sake of knowing, Divide 17 trillion by 170 million people. . This means every . Nigerian owes about . 100 000 naira to ... |
Re: Nigeria’s Total Debt Profile Rises To N17.4trn From N2tn In 2015 by 4Play(m): 6:09am On Feb 18, 2017 |
The true figures are more likely to be N12 trillion to N17trillion. Debt was not N2trillion in 2015 as we had $60bn in debt in 2015. 1 Like |
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