Nigeria External Debt Stands At $9.16billion -DMO …Local Debt Hits N8.7trillion


By Olusegun Emmanuel, Abuja.

Director General of Debt Management Office, Bright Okogwu said on Monday that the external debt of Nigeria is now $9.16 billion even as he stated that the local debt is at the N8.7 trillion.

Okogwu who confirmed the figure while appearing before Conference Committee on Public Finance said the amount is at March 2014 adding that 32 percent of the debt external  is owed by states while 68 percent is owed by federal government.

He said that 17 percent of local debt belongs to state while 82 percent of the debt is owed by federal government.

Okogwu informed the committee that the local debt did not include the local contractor’s debt adding that any Foreign institution who gave loan to any state without approval of National Assembly is ready to loose its money.

Speaking the issue of borrowing before the committee, Director General explained that borrowing are parts and parcel of every modern economy adding that prosperous nations like Britain, Germany are borrowing.

He said the figure released is total debt of the country since the time of independent.