Economy

Debt figures published do not relate only to the FG – DMO

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News Today 2

By Kadiri Abdulrahman

The Debt Management Office (DMO) says the country’s published debt stock is not restricted to the federal government.

DMO Chief Executive Officer Patience Oniha said on her Twitter account on Wednesday that the outstanding debt included those from the 36 federation states and the Federal Capital Territory (FCT).

She explained that the increase in the level of federal government borrowing since 2015 was due to the decline in revenue generation.

She added that the level of borrowing, which has been declining since 2018, was set to rise again due to the COVID-19 pandemic.

“First, it is useful to clarify that the public debt figures released by the OGD are the outstanding debt of the Federal Government of Nigeria, 36 states and the CTF.

“In other words, the debt is not just that of the federal government, the state governments and the CTF have all borrowed.

“At the federal level, the increase in borrowing levels since 2015 was due to the collapse in crude oil revenues.

“The level of new borrowings started to decline from 2018 to the first appropriation act 2020.

“Unfortunately, the negative impact of COVID-19 on income and increased spending has resulted in higher borrowing levels,” she said.

She added that the OGD is using the Debt Sustainability Analysis (DSA) and the Medium Term Debt Management Strategy (MTDS) to manage public debt to ensure sustainability.

She said the OGD will ensure that Nigeria‘s public debt is sustainable and borrowing is done at the lowest possible cost.

She added that revenue growth remains a key objective of the tax authorities.

The Nigeria News Agency (NAN) reports that the total public debt as of December 31, 2020 as published by the DMO is 32.915 billion naira. (NOPE)

(NAN)

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