Metro Nigeria’s debt is at $8.2trn- Debt Management Office

Bolanle Akanji

Moderator
The Debt Management Office, DMO, has put Nigeria’s debt as of September 2013
at $8.2 trillion which is roughly 22 per cent of the total Gross Domestic Product (GDP).

The Director General of the organisation, Dr. Abraham Nwankwo asserted that the level of the debt is sustainable.

He emphasised the need for all tiers of government to encourage private sector borrowing and make funds available to them in order to properly develop some key sectors in the economy.

According to him, the increase in private sector borrowing and decrease in government borrowing are the solution to the challenges of sustaining the nation’s debt.

“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,” he said.
 
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