Ms Patience Oniha, DG, Debt Management Office
By
Thu Apr 15 2021
The Director General of the Debt Management Office (DMO), Patience Oniha, has said the cumulative sum of N32.9 trillion debt of Nigeria is a responsibility of the federal and state governments.
In a series of tweets on her official twitter account, Oniha said comments made on the level of Nigeria’s public debt necessitated the need to clarify on the figures published by DMO.
According to her, “It is useful to state that the Public Debt figures published by DMO are the Debt Stock of the FGN, the 36 states and the FCT,” thus the debt is not owned by the federal government alone.
Recovering from the negative economic performance, first time after 1952, the impact would just not be less than a triple jeopardy.
By all means, this is perhaps one of the steepest fiscal adjustments that Pakistan has ever agreed to undertake in its history.
Recovering from the negative economic performance, first time after 1952, the impact would just not be less than a triple jeopardy – additional tax burden, lower spending on improving living standards, and paying out of pocket for the same utilities and yet no near-future signs of let-up.
Prime Minister Imran Khan’s government has committed to increasing Federal Board of Revenue (FBR) tax collection by about Rs1.27 trillion (around 2.5 per cent of GDP), including Rs750 billion worth of additional tax measures in the upcoming budget.
Rising debt: DMO blames COVID-19, experts say borrowing from CBN dangerous
Everest Amaefule, Nike Popoola, Femi Asu, Okechukwu Nnodim and Temiloluwa O’Peters
Published 3:47 am
Everest Amaefule, Nike Popoola, Femi Asu, Okechukwu Nnodim and Temiloluwa O’Peters
Published 3:47 am
Nigeria’s debt profile has been on the increase because of the impact of revenue crash and the crises trailing the coronavirus pandemic on the economy, the Debt Management Office has said.
However, some economists and experts have warned of the dangers of continued borrowing from the Central Bank of Nigeria by the Federal Government.
Both the DMO and experts were responding to questions posed by our correspondents following the claim by the Edo State Governor, Godwin Obaseki, that the country printed N60bn to augment what the three tiers of government shared in March.
Daily Monitor
Wednesday February 03 2021
Summary
Public debt is projected to increase to 49.9 per cent of gross domestic product by end of June 2021, before peaking to 54.1 per cent in the 2022/23 financial year.
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Rising expenditure pressures resulting from the need to finance infrastructure projects and an increase in Covid-19 related borrowing will push Uganda’s public debt to 54.1 per cent by the end of the 2022/23 financial year, according projections by the Ministry of Finance.
Details contained in the Debt Sustainability Analysis report authored by the Ministry of Finance, indicates that public debt is projected to increase to 49.9 per cent of gross domestic product by June 2021, before peaking to 54.1 per cent by the end of 2022/23 financial year.
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Framework relies on much-critiqued IMF and World Bank debt sustainability analysis
Debtor countries must agree to IMF treatment as condition of debt relief
Contents to stand behind them in their hour of greatest need,” the world’s poorest countries had “received only about a fraction of what they need in debt relief.” Brown was speaking at the launch event for a proposal for
Debt Relief for a Green and Inclusive Recovery written for policymakers by a group of economists, including Kevin Gallagher and Stephany Griffith-Jones.
As the global debt crisis exacerbated by the pandemic deepens, the response from the G20 and international financial institutions, dominated by wealthy, creditor countries, risks wreaking further havoc on the economies of countries in debt distress. As well as directly hampering health and other vital public spending during the pandemic, debt repayments look s