The country currently owes local and international creditors a total of $50.91bn (about N7.93tn), the Debt Management Office has said.Statistics obtained from the DMO website showed that as of June 30, 2013, the nation’s external debt stood at $6.92bn (about N1.08tn), while the domestic debt component stood at N6.85tn ($43.99bn).
As managing director of the World Bank, Okonjo-Iweala had criticised Nigeria’s debt structure on the grounds that the Federal Government was crowding out private sector borrowers from the debt market.Although she had championed the exit of the country from the Paris Club of Creditors during her first tenure as Minister of Finance, she is now insisting that the nation’s ballooning domestic debt is not healthy for the economy.Okonjo-Iweala had reasoned that the Federal Government could do with more foreign sources than borrowing from the domestic market.
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