Nigeria’s external debts now $11bn, domestic N11tn - DMO

The Debt Management Office said on Friday that  Nigeria’s  external debt is $11bn while it owes N11tn at home

Director-General of DMO,  Dr. Abraham Nwankwo , however, believed that despite the country’s huge debts, the economy could not collapse.

Nwankwo  told journalists  shortly after declaring open a one day enlightenment workshop for students' union in Kaduna on Friday  that the economy,, notwithstanding, the nation’s debts, was resilient and diversifiable.

The workshop has as its theme, ‘Understanding Public Debt Management’.

He noted that under the President Muhammad Buhari’s administration, the economy was becoming more robust,  urging Nigerians to cooperate with the government  in order to achieve the desired change.

The DMO boss, who said the N11tn and  $11bn were the total figures owed by  federal  and state governments,  argued that  there was no cause for alarm as the debts remained sustainable.

According to Nwankwo, the quantum of the debt does not matter, adding that what is important is how the resources are deployed to encourage growth.

He said, "Presently Nigeria owes domestically about N11tn and externally  about  $11bn. The debts figure is the total debt of the federation, including all the 36 states and the domestic debts of the Federal Government .

“So, the debt figure I mentioned is comprehensive. It is the total debts of Nigeria.

“Let me emphasise that  debt matter is not just the quantum. What is important is how this resources are deplored to  encourage growth, development,  generate employment and reduce poverty.

"It matters whether what you borrowed you are in a position to pay back, to service it as at when due; and in the Nigeria case, I want to assure you that Nigeria debt remains sustainable.

"As you know, based on current global economic problems, particularly the collapse of oil prices, all of us should be aware that this is having significant impact on economies all over the world.

"But even at that, I can assure you that the Nigerian economy is very resilient because the government is in control  and Nigeria will continue to remain sustainable.”