Owerri — Nigeria's current debt portfolio has been described as being very healthy considering the fact that as at end of May 2009, its external debt stock stood at about USD3.6 billion or a little below 10 percent of the Gross Domestic Product (GDP), while the domestic debt stock was about N2.48 trillion or about 2 percent, which is healthy compared to the critical threshold of about 45 percent.
Disclosing this yesterday at a two-day workshop on the Fiscal Responsibility Act 2007 organised by the Centre for Social Justice with the support of Ford Foundation in Owerri, Imo State, Director General
of Debt Management Office (DMO), Dr. Abraham Nwankwo, noted that it was important that the external debt accounted for about 16 percent and the domestic debt about 84 percent of the total public debt portfolio.
Nwankwo added that the major challenge was to sustain the current healthy portfolio status of the country's debt plan, stating that the challenge was all the more demanding because the Federal, as well as the State governments, were committed to providing basic infrastructure to stimulate growth and development and their funding requirements were greater than their revenues.
He maintained that the respective governments were therefore looking out for debt financing to augment revenue financing, noting that the Fiscal Responsibility Act had been introduced at a more auspicious time as its implication would ensure that borrowing by governments and their agencies for the much-needed socio-economic transformation, would follow due process and fall within established limits. The DMO DG whose paper was entitled "Sustainable Borrowing under the Fiscal responsibility Act" observed that there was nothing wrong for governments to borrow from both external and internal sources so far as such borrowings were meant to finance goods and services for the benefit of the people. While fielding questions from participants, Nwankwo underscored the fact that there was never a time Nigeria was debt-free, stressing that Nigeria only exited from Paris and London clubs.
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Very disgrateful and uncalled for to allow this discredited fellow to put up this kind of article in your coverage inrespect of freedom of information[you call it] as world patiently looking on us. However,we in dispora[abroad] are losing temper for the so called MAFIA and iam very optimistics that 'rawling of Nigeria' will no sooner than now to carry-out anticipated mascre on disgruntle elements in our society and install true and genuine democracy masses were crying for.
Dear Readers , There is a climate in America and the financial world that secretly has been
"cooking the books" while they rob us. For example most financial information that is
reported only focuses on "The Budget ". A Budget is the amount of money we would
need to run our household on a specific time schedule (e.g. weekly budget, monthly
budget, yearly budget ).
When they tell us they have a "Budget Deficit ", they are actually saying they don't have
enough money for the specific period the Budget is supposed to cover. There is a more
complete financial picture that many of us are kept from seeing. This picture is called "
THE COMPREHENSIVE ANNUAL FINANCIAL REPORT ".
People like WALTER BURIEN & ALEX JONES exposed the schemes that have been
going on since 1945 in America alone !!! For more information do a search using
" The Comprehensive Annual Financial Report Exposed "..On YouTube Alex Jones &
Walter Burien share a documentary that they did in the 1990s.
[http://www.youtube.com/results?search_type=&search_query=The+Comprehensive +Annual+Financial+Report+Exposed+]
[God Bless You Readers To Want To Know And Seek To Know The Truth]
[This inspiring poem was featuring in the movie Coach Carter ]
Our Deepest Fear Is Not That We Are Inadequate, Our Deepest Fear Is That We Are Powerful Beyond Measure. It Is Our Light , Not Our Darkness That Most Frightens Us.
We Ask Ourselves, Who Am I To Be Brilliant, Gorgeous, Talented, And Fabulous ?
Actually Who Are We Not To Be ? You Are A Child Of God.
Your Playing Small Doesnt Serve The World.
There Is Nothing Enlightened About Shrinking So That Other People Wont Feel Insecure Around You.
We Are All Meant To Shine, As Children Do.
We Were Born To Make Manifest The Glory Of God That Is Within Us.
Its Not Just In Some Of Us; Its In Everyone.
And When We Let Our Own Light Shine We Unconsciously Give Other People Permission To Do The Same.
And As We Are Liberated From Our Own Fear, Our Presence Automatically Liberates Others
- Marianne Williamson -
[NOTE BEING AFRAID AND REFUSING TO GET INVOLVED WONT STOP US FROM DYING. BUT BEING AFRAID CAN PREVENT US FROM LIVING]
(Nkosi Sikeleli Africa )
God bless Africa May her glory be lifted high Hear our petitions .
God bless us, Your children God we ask You to protect our nation Intervene and end all conflicts Protect us, protect our nation, our nation.
From the blue of our heaven, From the depths of our sea, Over our eternal mountain ranges, Where the cliffs give answer.
Sounds the call to come together, And united we shall stand, Let us live and strive for freedom, In South Africa our land.
[Enoch Mankayi Sontonga]
[http://www.infowars.com/infowars.asx] / [gcnlive.com] / [http://alexjonesringtones.net/]
WAKE UP ! STAY UP MY BROTHERS & SISTERS ! BE SELF-SUFFICIENT IN THE KINGDOM OF HEAVEN.
- Life Is a Game. Have Fun. [ Luke 18:17 / Isaiah 11:6 ]
Regardless of who is making this announcement, the fact remains that within weeks of the new Central Bank Governor taking over we have gone from over $50 Billion surplus to $3.6 indebtedness. What have they done with $53.6 Billions in a matter of weeks? Is anyone still in doubt as to the evil intentions of the wicked, corrupt, Jihadist oligarchs from Northern Nigeria? How long are Nigerians prepared to stand them?
Dr Nwanko, there is nothing healthy about a debt of N3.6 billion USD so stop polluting the air with your damage control and prejudice. This is a government that despise the truth officially and waste the tax payers money on cars, illegal salaries/allowances for politicians and also spent tax payers money on official marriages. It is a government that could not provide education, electricity, water and security. So how healthy is the situation compared to your misleading utterances? There nothing nothern about this rigged government, it is more of family and friends affair than northern affair. Their family and friends come from all parts of Nigeria (north, south, east, west, and south south ). If one look at them from the perspective of family and friends, you would see them clearly. Northerners are the worst victims.
ahlulbaitali, I see what you mean. Nevertheless this power hungry corrupt gang is based in the North and has dominated the political scene since "independence". Specifically, they are the Hausa/Fulani elite. They are like the dog in the manger when we think of nation building and development. They are incapable of running a country yet they do everything to prevent others who have the ability. Just look at it. It took only a few weeks to run down the surplus we built during the last administration and to go into debt. They themselves have never had any surplus. They are always in debt. The ordinary Hausa/Fulani folks are also culpable because they allow themselves to be used as agents of violence and destruction. There is no excuse. excisionist(at)gmx.com
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