The Senate on Monday declared that the total debts profile of Nigeria is now N33trillion after the approval of $22.7billion foreign loans requested for by President Muhammad Buhari penultimate week. This is as the Director-General of the Debt Management Office (DMO), Mrs Patience Oniha, expressed fear that economic effects of the coronavirus pandemic may incapacitate the country from servicing it appropriately.

Submission to this effect was made in Abuja at the one-day public lecture organised by the National Institute for Legislative and Democratic Studies (NILDS), on ‘public debt in Nigeria: trend, sustainability and management .’ the deputy chairman of Senate committee on local and foreign debts, senator Muhammad Bima Enagi (APC Niger South), in his remarks at the occasion borrowing has always served as veritable financial platforms for many countries of the world in running their economies but judiciously utilizing such loans for intended projects and servicing the debts appropriately have also been problems for some of them, particularly the developing ones like Nigeria. According to him, realities on the ground in the country in terms of required infrastructure and debts accumulations between 2006 and now, are not in any way connected. The very reason, he explained, many Nigerians are worried whenever they hear that their government seeking a loan or the other.

From a low ratio of debt to gross domestic product (GDP) of about 3.4 per cent at independence, Nigeria’s total public debt as at September 30, 2019, according to DMO stands at about N26.2 trillion ($85.4billion) which is 68.45% of the total public debts. With the recent approval of the 2016-2018 External Borrowing Plan, the total debt stock would be about N33 trillion and 21 Debt GDP ratio. “The big question in the minds of average Nigerian aware of this act is, ‘what did we do with the money? In other words, where did the money go?’ “What do we have to show as a people for these huge debts accumulated over the last four decades or so? He queried. He added that in stopping the ugly trend, the senate and by extension, the National Assembly, is more than determined to monitor the executive on prompt utilization of new loans being sought for, in saving the country from going back to pre2005 and 2006 debt burden era by.


His words: “consequences of these borrowings is that the sheer magnitude of the National Annual Debt Servicing put at about N2.47 trillion for 2020, makes the provision of basic but essential amenities and infrastructure in the country, almost impossible without further borrowings. “Clearly, Nigeria needs to get its public finance in order to avoid the potential fiscal and financial crisis ahead of the nation. “The current debt situation Nigeria needs to be properly managed and every borrowed naira or dollar, carefully deployed, especially in the face of the continued dependence of there nation’s economy on exported crude oil, with its usual price volatility. “Borrowing must be project tied and not just to9 support budget deficit. Furthermore, the projects must be such to grow the economy and bequeath laudable infrastructure and not debt for future generations, “the government must improve on its Internally Generated Revenue (IGR) its Foreign Exchange Earnings and reduce importation of unnecessary goods.

To this end, the 9th national assembly will ensure very effective oversight. “But the DMO Boss in her remarks said there was no cause for alarm as regards the total budget profile of the country which put at $85.390bn or N26trillion as at September 2019. According to her, though the country total debt stock as at 2006 when she exited the Paris and London Club of Creditors was $17.349 million but yearly deficit budgeting and poor revenue generation, forced the country into taking loan thereafter which accumulated to N26trillion as at September last year. “Concerns have been expressed about the growth in Nigeria’s debt stock since the exit from the Paris and London Club creditors. It is true that the Public Debt Stock since has grown from US$17,349.69million in 2006 to USD85, 390.82 million as of September 30, 2019. “However, it must be recognized that the current Debt Stock is the result of cumulative borrowings by successive Governments to finance budget deficits and various Infrastructure Projects, “she said. She explained further that in order to ensure that the public debt is sustainable, the 56% advised by the WB and IMF.

The total public debt to GDP according to her has remained within the 25% limit and stood at 18.47% in September 2019. “this is, however, only one measure of debt sustainability, the other equally important measure of debt service to revenue ratio has been high at over 50% since the year 2015 although it dropped to 51% in 2018 from 57% in 2017. “The relatively high debt service4 to revenue ratio is the result of lower revenues and higher debt service figures. “Whilst, Nigeria’s debt is sustainable, recent development in the global environment induced by COVID 19, already suggest a less than favourable economic outlook with implications for Nigeria”, she added. Earlier in his opening remarks, the director-general of NILDS, Professor Abubakar Suleiman, said the objective of the public lecture was to educate and build the capacity of participants, especially members and relevant committees of the national assembly.


  1. I simply want to tell you that I am just all new to weblog and certainly loved this page. Likely I’m want to bookmark your blog . You definitely come with outstanding writings. Thank you for sharing with us your web-site.

  2. I discovered your blog website on google and examine a few of your early messages. Remain to keep up the excellent operate. I just added up your RSS feed to my MSN Information Visitor. Seeking onward to reading more from you later on!?

  3. Usually the New york Weight Loss diet is certainly less expensive and flexible staying on your diet scheme intended for measures however fast then duty keep a nutritious daily life. weight loss

  4. I’d have to check with you here. Which is not one thing I usually do! I get pleasure from studying a put up that can make people think. Additionally, thanks for permitting me to remark!

  5. Very nice post. I simply stumbled upon your weblog and wanted to mention that I’ve really loved browsing your weblog posts. In any case I will be subscribing for your rss feed and I am hoping you write again soon!

  6. I am so happy to read this. This is the type of manual that needs to be given and not the random misinformation that’s at the other blogs. Appreciate your sharing this greatest doc.

  7. An interesting conversation deserves comment. I think that you must create more on this subject, it could not be a frowned on topic however generally people are inadequate to speak on such subjects. To the following. Thanks

  8. Thanks a bunch for sharing this with all people you really recognize what you are talking about! Bookmarked. Please additionally consult with my website =). We can have a link exchange contract among us!

  9. You actually make it seem so easy with your presentation but I find this topic to be actually something that I think I would never understand. It seems too complicated and very broad for me. I am looking forward for your next post, I’ll try to get the hang of it!

  10. Place on with this article, I absolutely think this site needs a lot more factor to consider. I?ll most likely be once more to review far more, many thanks for that info.

  11. I’m extremely pleased to find this page. I wanted to thank you for ones time just for this fantastic read!! I definitely loved every little bit of it and I have you bookmarked to look at new information on your blog.

  12. I blog quite often and I really thank you for your content. This article has really peaked my interest. I am going to take a note of your blog and keep checking for new information about once a week. I subscribed to your Feed as well.

  13. When I originally commented I clicked the -Inform me when new comments are added- checkbox as well as now each time a comment is included I get four e-mails with the exact same comment. Is there any way you can eliminate me from that service? Thanks!

  14. Spot on with this write-up, I absolutely think this website needs a great deal more attention. I’ll probably be back again to read through more, thanks for the info!

  15. I have recently started a blog, the info you provide on this web site has helped me greatly. Thanks for all of your time & work. “The only winner in the War of 1812 was Tchaikovsky” by Solomon Short.

  16. Nie czekaj, aż dziecko zadaje ci pytania. Otwórz rozmowę na temat erekcji, zdrowia seksualnego i dojrzewania. Ważne jest również, aby poinformować dziecko, że może przyjść do ciebie z pytaniami.

  17. I would like to thank you for the efforts you’ve put in penning this blog. I really hope to see the same high-grade content by you in the future as well. In fact, your creative writing abilities has motivated me to get my own website now 😉

  18. Excellent post. I was checking constantly this blog and I’m impressed! Very helpful info specifically the last part 🙂 I care for such info a lot. I was looking for this certain info for a long time. Thank you and good luck.

  19. I¡¦m no longer positive where you’re getting your info, however great topic. I must spend some time studying more or working out more. Thank you for excellent information I used to be in search of this info for my mission.

  20. Wow! This can be one particular of the most helpful blogs We’ve ever arrive across on this subject. Actually Fantastic. I am also a specialist in this topic therefore I can understand your effort.

  21. Aw, this was an exceptionally good post. Spending some time and actual effort to create a superb article… but what can I say… I procrastinate a whole lot and never manage to get nearly anything done.

  22.  Czterowartościowe szczepionki przeciw grypie Te szczepionki przeciw grypie są nieco inne, ponieważ chronią przed czterema różnymi szczepami wirusa grypy (dwa wirusy grypy A i dwa wirusy grypy B). Z tego powodu te szczepienia mogą zapewnić szerszą ochronę przed infekcją. Opcje obejmują:

  23. I really appreciate this post. I’ve been looking everywhere for this! Thank goodness I found it on Bing. You have made my day! Thanks again!

  24. You’ve made some really good points there. I checked on the net for additional information about the issue and found most individuals will go along with your views on this web site.

  25. My brother suggested I might like this blog. He was entirely right. This post actually made my day. You cann’t imagine just how much time I had spent for this information! Thanks!

  26. Good day! I simply would like to give you a huge thumbs up for your excellent info you’ve got right here on this post. I’ll be coming back to your blog for more soon.

  27. I’m just writing to make you understand what a nice experience my child went through going through your blog. She figured out a good number of pieces, most notably what it’s like to possess a wonderful helping spirit to make a number of people without difficulty thoroughly grasp certain complex topics. You truly did more than my desires. Thank you for delivering the valuable, dependable, explanatory and even easy guidance on your topic to Sandra.

  28. Way cool! Some very valid points! I appreciate you writing this article and also the rest of the site is really good.

  29. Hello, you used to write fantastic, but the last several posts have been kinda boring¡K I miss your great writings. Past several posts are just a little bit out of track! come on!

Leave a Reply

Your email address will not be published. Required fields are marked *