DEBT MANAGEMENT OFFICE

The Peoples Democratic Party (PDP) presidential candidate in the 2019 general election, Atiku Abubakar, has reacted to the recent debt profile of Nigeria released by the Debt management office (DMO). Data from the debt office on Wednesday showed the national debt profile in the first quarter of 2019 has increased by N560 billion. Reacting to the debt report in a statement by his Media Aide, Paul Ibe, on Wednesday, the former Vice President noted that the debt situation under president…

- Total debt now N24.95tn The Federal Government and the states including the Federal Capital Territory Administration borrowed a total of N2.24tn in one year, analysis has shown. According to the Debt Management Office, the country’s debt stood at N24.95tn as of March 31, 2019. Data obtained from the DMO in Abuja on Wednesday showed that the country’s debt rose from N22.71tn as of March 31, 2018 to N24.95tn as of March 31, 2019. The domestic component of the nation’s total debt stood at N17.09 as of March 31…

The Debt Management Office (DMO) has disclosed that Nigeria recorded a marginal increase of 2.3% in the Total Public Debt (TPD) as at March 31, 2019. According to DMO's Public Debt Data for Q1 2019 published on its website on Wednesday, the Total Public Debt which stood at N24.947 Trillion as at March 31, 2019, grew marginally by 2.30% compared to the figure of N24.387 trillion as at December 31, 2018. The Public Debt Data comprises of the Domestic and External Debts of the Federal Government of Nigeria (FGN),…

The paradox of a federal state with a unitary economic management model has been cited as a major reason why Nigeria is yet to achieve economic diversification despite effort by successive governments. Dr. Abraham Nwankwo, an economist and former Director General of the Debt Management Office, expressed this view in a keynote speech he delivered at an international conference organized by the Faculty of Management Sciences, Nnamdi Azikiwe University, Awka in Anambra State today. Nwankwo noted that a country that is…

A financial advisory committee saddled with the task of carrying out a forensic audit and reviewing "all financial transactions" under the administration of former Imo State Governor, Rochas Okorocha, has been inaugurated on Monday, June 10, 2019. Imo Governor, Emeka Ihedioha, had last week Thursday approved the constitution of the committee which is expected to review loans and financial disbursements approved by Okorocha who presided over the state from 29 May 2011 – 29 May 2019. The committee has the former…

If Nigeria wants to build world class infrastructure that will guarantee sustainable economic growth and development, it is imperative that the government must be willing to borrow to finance it and not depend only on budgetary allocation or the sovereign wealth fund. This is the view of former Director General of the Debt Management Office, Dr Abraham Nwankwo. According to estimates of the National Integrated Infrastructure Master Plan (NIPP), Nigeria needs to invest, on the average, about USD100 billion per annum…

The former Director General of Debt Management Office (DMO), Dr. Abraham Nwankwo, has been announced as the Guest Speaker at the 3rd Just Friends Club of Nigeria Annual Lecture. According to a statement signed by the club’s President, Chief JN Green-Amakwe, Nwankwo will on May 16, 2019 speak on ways to “Resolving the Infrastructure Deficit in Nigeria – A Pragmatic Approach.” The lecture will be holding at the Lezsco Luxury Apartments, 14 Otuoke Street, Asokoro Zone D, Off Gimbiya Street, Area 11, Abuja The…

The Peoples Democratic Party (PDP) has asked President Muhammadu Buhari and the ruling All Progressives Congress (APC) to explain how they escalated ‘‘the nation’s debt stock from N12.12 trillion in 2015 to an overburdening N24.38 trillion in 2018.’’ In a statement on Monday by its National Publicity Secretary, Kola Ologbondiyan, the PDP described as ‘‘saddening and devastating the fact that President Muhammadu Buhari’s administration, in its manifest incompetence and lack of initiative to stimulate and run a productive…

Oil marketers on Sunday in Lagos gave the Federal Government seven-day ultimatum to settle outstanding debts totalling N800 billion, failing which depots would cease operation across the country. The marketers, comprising Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs), said failure to meet the deadline would force its members to disengage workers from depots. Confirming the seven-day notice, Mr Patrick…

The Federal Government on Wednesday said it had raised 2.86 billion dollars three-series international bond under its Global Medium Term Note Programme. Mr Paul Abechi, Special Adviser to the Minister of Finance on Media and Communications disclosed this in a statement in Abuja. He said that the offering attracted significant interests from leading global institutional investors with a peak combined order booking of over 9.5 billion dollars. Abechi said that the outcome of the transaction reflected an…