The Nigerian Debt Management Office (DMO) has revealed that the country’s total debt at the end of 2016 was $57.39 billion.

Speaking while defending the agency’s 2017 budget before the Senate Committee on Local and Foreign Debts, the Director-General of DMO, Abraham Nwankwo (photo), said foreign debts stood at $11.41 billion, while domestic debt amounted to $45.98 billion. According to Nwankwo, the debts included arrears of the Federal Government, the 36 states of the federation as well as the Federal Capital Territory (FCT). He explained that although Nigeria’s debt profile was on the rise, it does not impair its ability to borrow from external sources.

“Nigeria is not in a position to beg for debt forgiveness. In spite of the present state of the economy, the country is still counted as a strong economy among other countries. The economic indicators show that Nigeria has a strong economy,’’ he said.

Regarding the repayment of debt, the official said that the Ministry of Finance is working towards expanding the nation’s tax base by ensuring that people and companies not paying taxes at the moment begin to pay so as to boost the revenue base and reduce the need for borrowing.

Anita Fatunji