Home » Latest Politics » Nigeria’s External Debt Put at $4.78b

Nigeria’s External Debt Put at $4.78b

As agitations continue to trail the federal government’s penchant for borrowing, after the exit from the London and Paris clubs’ debts, Debt Management Office (DMO) yesterday put the external debt portfolio of Nigeria at $4.78 billion as at December 2010.

In an interactive session with the Finance Correspondents Association of Nigeria (FICAN) in Abuja, the Director General of DMO, Dr Abraham Nwankwo said that the multilateral debts(mostly soft loans) constitute the bulk (92.45%) of the external debt stock.

Addressing fears being expressed by some Nigerians on the borrowings, he said that to borrow is a necessity of a thriving economy, adding that a nation stops borrowing when its economy stops functioning. He cited big economies like China, United Kingdom and United States of America, as the economies that are heavily dependent on borrowing.

The DG further stated that having fully repaid the Paris Club debt and bought back the London club debt, the country’s external debt  has drastically reduced from over $35 billion or 41.68 per cent of Gross Domestic Products (GDP) in 2004 to $3.55 billion or 3.7 per cent in 2006.

“Following the significant reduction in the external debt, the policy thrust external borrowing was mainly limited to concessional  windows, while  the debt management strategy shifted and focused on borrowing from the domestic sources” he said.

Short URL: http://newnigerianpolitics.com/?p=2915

Posted by on Jan 25 2011. Filed under Latest Politics. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

You’re unstable, focus on whereabouts of your imported wife – Atiku knocks Oshiomhole


2023: We pressured Obi to dump PDP — Igbo elders


Browse Elections 2023

Featuring Top 5/53 of Elections 2023

What FG should do with Nnamdi Kanu – Falana

Browse Africa & World Politics

Featuring Top 3/2273 of Africa & World Politics

Browse National Politics

Featuring Top 5/1258 of National Politics

Knocks as running-mate Kashim Shetima likens Bola Tinubu to late Sani Abacha

Browse NNP Columnists

Featuring Top 10/1525 of NNP Columnists

He has two planes, where is his company? – Peter Obi asks Tinubu and supporters



UK Govt in talks with Nigeria to receive migrants rejected for asylum in the UK


January 2011
« Dec   Feb »

© 2022 New Nigerian Politics. All Rights Reserved. Log in - Designed by Gabfire Themes