Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Nigeria’s total debt to hit N33 trillion – Senate

Ruth Okwumbu-Imafidon by Ruth Okwumbu-Imafidon
March 17, 2020
in Business News, Politics
National Assembly approves Federal Government’s plan to borrow $11 billion in 2021, Senate urges FG to diversify from crude oil to natural gas production , Senate seeks textile importation ban , Senate receives six aviation sector bills from Buhari , PenCom: Constitute a board, NASS and pension operators tell FG, Nigeria’s total debt now N33trn —Senate, Senate confirms appointment of board members for NDIC, law reform commission, Senate to confirm reappointment of Danbatta as NCC boss, Senate investigates claims of NELMCO, AEDC over govt asset, Senate Investigate Banks over customers exploitation and high fees, 2021 Budget: Senate sets motion for budget defense, commences 2020 review, #EndSARS: States affected by hoodlums should get 1% VAT - Senate, Senate approves National Emergency Medical Services Agency, State House clinic: FG has budgeted N3.5 billion for State House Clinic since 2017
Share on FacebookShare on TwitterShare on Linkedin

The Senate has raised an alarm that Nigeria’s total debt profile would stand at N33 trillion, if President Muhammadu Buhari got approval for the $22.7 billion foreign loan request.

Deputy Chairman of Senate Committee on Local and Foreign Debts, Senator Muhammad Bima Enagi, pointed this out while speaking at the one-day public lecture organized by the National Institute for Legislative and Democratic Studies ( NILDS), on Public Debt in Nigeria: Trend sustainability and management.

President Buhari not to blame for increase in debt – DMO DG, Nigeria’s total debt now N33trn —Senate

RelatedPosts

Buhari approves reappointment of Patience Oniha as DG of Debt Management Office

MTN Nigeria appoints Onyinye Ikenna-Emeka as General Manager, Fixed Broadband

Enagi noted that borrowing had always served as veritable financial platforms for many developing countries of the world in running their economies, on the condition of judicious use of loans for the intended projects. 

Unfortunately, the realities on ground including the required infrastructure and the debt accumulated between 2006 till date did not show any correlation, he observed.

He added that about 68% of the N26 trillion owed as at September 2019 were domestic debts, while foreign debts accounted for the rest.

“With the recent approval of the 2016-2018 External Borrowing Plan, the total debt stock would be about N33 trillion and 21% Debt/GDP ratio.

“What do we have to show as a people for these huge debts accumulated over the last four decades or so?” he queried.

(READ MORE: Debt profile: Bankruptcy looms, Obasanjo warns FG  )

According to him, stopping this trend would require the national assembly to monitor the executive on prompt utilisation of new loans for the specified purposes. This is the only way to gradually reverse the current situation where the annual debt servicing had made it impossible to provide basic amenities and infrastructure without resorting to more borrowing.

His talk came shortly after the Director-General, Debt Management Office, DMO, Mrs Patience Oniha, had expressed fears that the global economic effects of the Coronavirus pandemic could frustrate Nigeria’s attempts to service its debts appropriately.

According to Oniha, Nigeria’s debt is sustainable as the total Debt-to-GDP Ratio was within a 25% limit, even lower than the 56% advised by the World Bank and IMF. The actual Debt Service to Revenue Ratio has, however, been high at over 50% since 2015, an indicator of lower revenues and higher debt service figures.

What you should know: The Nigerian senate, penultimate week, approved the $22.7billion foreign loan request by President Muhammadu Buhari.

Related

Tags: Debt Management OfficeDMOMrs Patience OnihaMuhammad Bima EnagiNILDSOn the MoneyPatience OnihaPresident Muhammadu Buhari

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Buhari approves reappointment of Patience Oniha as DG of Debt Management Office
    • Bullish Nigerian Exchange gains N5.64 trillion in HY’2022
    • MTN Nigeria appoints Onyinye Ikenna-Emeka as General Manager, Fixed Broadband

    Follow us on social media:

    Recent News

    Buhari approves reappointment of Patience Oniha as DG of Debt Management Office

    Buhari approves reappointment of Patience Oniha as DG of Debt Management Office

    June 30, 2022
    Bulls stage a comeback at Nigerian stock market

    Bullish Nigerian Exchange gains N5.64 trillion in HY’2022

    June 30, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com