Coordinating minister of Economy and minister of finance, Dr.
Ngozi Okonjo Iweala on Friday said the nation’s external debt is $6.67 billion
equivalent to about N1.035trillion. She also clarified that Nigeria spent
$8.0429 billion and $10.1072 billion in 2006 and 2005 respectively before the
debt relief of 2006.
Okonjo Iweala made this clarification in reaction to
various figures quoted in debate over the state of the nation’s debt.
She said “as at now, our external indebtedness is as low as
$6.67 billion or about 3 per cent of Gross Domestic Product (GDP).”
The external debt according to her “is typically owed to
foreign creditors such as multilateral agencies (like the ADB, World Bank,
Islamic Development Bank) as well as other bilateral sources”.
She further stated that many of the multilateral loans are at
zero interest, 40 years maturity and 10 years grace while others are even less
than three per cent rate of interest.
The minister however assured that the federal Government
would never be complacent on national debt and will keep it low. She enjoined
banks and other lenders to be prudent and careful when lending to ensure that
it is done within the existing rules, regulations and guidelines.
This woman is just fantastic. she is my model
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