DMO Director-General, Dr Abraham Nwankwo
Barely 24 hours after the Minister of State for Finance, Dr Yarima Ngama, gave the debt profile of the country as N6 trillion, a new figure of N8.07 trillion, being the total foreign and domestic debts of the country as at 2011 emerged Thursday.
This was the outcome of the National Economic Council (NEC) meeting presided over by Vice-President Namadi Sambo.
The council also deliberated on concessionary facilities from international organisations to states and local governments, auction of direct data capture (DDC) machines used by the Independent National Electoral Commission (INEC) to states and the Minna national discourse on corruption.
The Director-General of the Debt Management Office (DMO), Dr Abraham Nwankwo, gave the new figure at a press briefing at the close of the NEC meeting yesterday, giving a breakdown of N6.85 trillion as being for domestic stock while N1.217 trillion was for external stock.
Assuring that there was no cause for alarm, Dr Nwankwo said “all states and FCT are within the liquidity solvency as well as the sustainability thresholds”, explaining in statistical terms that the “consolidated public debt/Gross Domestic Product (GDP) Ratio stands at 21.5 per cent as against the standard threshold of 40 per cent.’
Earlier, when Nwankwo made a presentation to the council “he highlighted the gains recorded by his office on public debt management including the successful completion of debt data reconstruction (DDR) exercise in all the 36 states and the FCT last December.”
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