3 October 2012

Nigeria: FG's Debt to Hit U.S.$25 Billion

Photo: Vanguard
A cartoonist in Nigeria's Vanguard newspaper has little sympathy for bank debtors. The Economic and Financial Crimes Commission is telling them: "You keep shouting Human Rights? Human Rights!! What do you think the depositors should be shouting?"

The Federal Government's foreign and domestic debt will skyrocket to $25 billion by 2015, Director General of the Debt Management Office (DMO), Dr. Abraham Nwankwo, has said.

Nwankwo Spoke yesterday before members of the House of Representatives Joint committees on Finance, Legislative Budget and Research, National Planning and Aid, Loans and Debt Management in Abuja on the 2012-2015 Medium Term Expenditure Frame Work (MTEF) document that is being legislated upon by the National Assembly.

The DMO boss presented a document based on the MTEF submitted to the National Assembly by President Goodluck Jonathan in which he said that Nigeria's overall debt profile and expected borrowing for the three year period will witness gradual increase from $12.1billion in 2013, $14.5 billion 2014 and $16.7 billion 2015 as foreign loan.

The breakdown shows that domestic debt is projected to rise from $7.7 billion in 2013, $7.7 billion for 2014 and $8.4 billion in 2015.

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