DEBT MANAGEMENT OFFICE DECLARES NIGERIA'S DEBT.

The Director-General, Debt Management Office (DMO), Dr Abraham Nwankwo, at the weekend said that Nigeria’s debt as at September, 2013 amounted to $8,264.34 billion, stressing  the need for  government at all levels to encourage private sector borrowing for the development of some key sectors of the nation’s economy. He stated that the $8,264.34 billion debt was 22 per cent of the total Gross Domestic Product (GDP), which he said, was still sustainable, adding  that it is vital on the part of all stakeholders to ensure sustainability of the public debt profile of the country. Dr. Nwankwo, observed  that increase in private sector borrowing and decrease in government borrowing  is the solution to the challenges of maintaining the nation’s debt within sustainable level.