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President Muhammadu Buhari Tuesday justified government borrowing to finance infrastructure, asserting that his government took loans in the interest of the country to solve the dire shortfall in infrastructure.
Speaking at a virtual meeting with members of the Presidential Economic Advisory Council (PEAC) at the State House, in Abuja, President Buhari said the country must fix its roads to save lives from soaring road accidents.
“We have so many challenges with infrastructure. We just have to take loans to do roads, rail and power, so that investors will find us attractive and come here to put their money,’’ the President said after listening to a presentation by PEAC chaired by Professor Ayo Salami.
He regretted that the failure to provide the infrastructure for effective transportation deprived the country of its well-deserved status as the West African hub for Air cargo transportation and trans-shipment of goods.
The Debt Management Office (DMO), has released information on the Public Debt Stock as at June 30, 2020. The data shows that in Naira Terms, the Total Public Debt Stock which comprises the Debt Stock of the Federal Government, the 36 State Governments and the Federal Capital Territory stood at ₦31.009 Trillion or USD85.897 Billion. The corresponding figures for March 31, 2020 were ₦28.628 Trillion or USD79.303 Billion.
The increase in the Debt Stock by ₦2.381 Trillion or USD6.593 Billion was accounted for by the USD3.36 Billion Budget Support Loan from the International Monetary Fund, New Domestic Borrowing to finance the Revised 2020 Appropriation Act including the issuance of the ₦162.557 Billion Sukuk, and Promissory Notes issued to settle Claims of Exporters.
The attention of the Debt Management Office (DMO), has been drawn to statements and reports credited to several persons on the subject of Loans obtained from China and has considered it necessary to provide a sequel to its Press Release on the same subject dated September 11, 2018.
The Debt Management Office (DMO) which is the agency of the Government charged with the management of the public debt, has in its almost twenty (20) years of existence supported the Federal Government of Nigeria (FGN) by raising funds to finance various capital projects as approved in the Appropriation Acts. Whilst performing this role, the DMO has been pivotal in the development of the domestic financial markets and is credited with the introduction of new products, such as Sukuk and Green Bonds. This is in addition to issuing long-tenored FGN Bonds to enable project financing not only for the FGN but also for State Governments and Corporates.
The Debt Management Office (DMO) working with Citibank organised a virtual meeting between Nigeria’s economic managers (The Federal Ministry of Finance, Budget and National Planning (FMFB&NP) and the Central Bank of Nigeria (CBN) and Institutional Investors across the continents of the world. The Meeting was held on June 23, 2020.