DMO Justifies Nigeria’s N35.5 Trillion Debt
The Debt Management Office (DMO) has provided justification for borrowings by the President Buhari Led administration. Information Guide Nigeria
According to RIPPLES NIGERIA, Patience Oniha, the director-general DMO said public debt was instrumental in helping Nigeria bounce back from the recession caused by economic shocks which put a strain on the country’s revenue.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaAs reported by RIPPLES NIGERIA, Oniha said this on Monday at the Executive Leadership Workshop organised for Senate Committee on Local and Foreign Debts and House Committee on Aids, Loans and Debt Management in Niger State.
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Oniha revealed that over 90 percent of deficits contained in its annual Appropriation Acts was financed by the money that was borrowed.
“It is true that the public debt has been growing. We should remember that Nigeria has witnessed economic shocks with major impacts on revenue that have resulted in recession twice and borrowing was a major tool for reversing the trends.
“However, going forward, there should be a strong emphasis on revenue generation from multiple sources other than crude oil to ensure that debt is sustainable.”
Speaking on the importance of the workshop, she added: ”Public debt and debt management are at the interest of the public at large, and because the National Assembly has the power as contained in the DMO Act and the Fiscal Responsibility Act to approve those borrowings, it only means they should be knowledgeable about debt; how we borrow and what type of instruments we borrow, and to know about the levels of debt stock so that when requests are made to them to approve new borrowings, they have an understanding of it.
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“This will make them better informed and also help us improve on our work.
“holding at a most auspicious time, when public debt has become very topical in the local and international environments. Jamb Result
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaPhrases such as debt transparency, fiscal deficit, debt burden, debt trap, default, etc., have become the subject of analysis and media write-ups almost on a daily basis.
“The DMO recognises that borrowing should be done with caution to meet developmental and sometimes, social needs and that proceeds are deployed judiciously.”
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