Nigeria Owes $8.2Tr- DMO

Dr. Abraham Nwankwo, director general, Debt Management Office (DMO) has put Nigeria’s debt as at September this year at $8.2 trillion which he said is 22 per cent of the total Gross Domestic Product, GDP.

Nwankwo, who made this disclosure, maintained that the level of the debt is sustainable adding that there is the need for the government at all levels to encourage private sector borrowing for the development of some key sectors of the nation’s economy.

He also called for cooperation from all stakeholders to ensure sustainability of the public debt profile of the country.

Speaking at a three day retreat organised by the House of Representatives Committee on Aids, Loans and Debt Management  at Ada, OsunState, weekend, Dr. Nwankwo said the  increase in private sector borrowing and decrease in government borrowing are the panacea to the challenges of keeping the nation’s debt within sustainable level.

He said: “When private sector operators have more funds to run their businesses, jobs will be created and goods hitherto imported, will then be produced locally, saving the nation of foreign exchange.”