Speaking with finance correspondents, Okonjo-Iweala said that the nation’s current debt stock stands at $63.7 billion and it encompasses domestic and multilateral loans by all the federal and state governments since 1960. She said various states of the federation accounted for 20% of the nation’s total debt stock.
Of the $63.7 billion debt, the minister said $9.7 billion or 15% is external while $54 billion or 85 per cent represents domestic debt. She said between 2007 and 2011, a debt of $17.3 billion debt was recorded while between 2012 and 2015, the debt stood at $18.1 billion.
She explained that the leap in the debt profile between 2012 and 2015 was triggered off by the 53 per cent wage increase implemented by the late Umaru Yar’Adua administration in a fell swoop.
This, she said, skyrocketed government’s borrowing from N524 billion to over N1 trillion in order to meet the salary increase, adding that the country’s domestic debt increased by $18.1 billion mainly because of the 53 per cent increase in the pay of civil and public servants.
The minister stated that at the time of the salary increase, she was still with the World Bank, adding that she had written and warned on the consequences of acquiescing to such a huge increase.
Absolving the Jonathan administration of blame, the minister said the government had in deed taken a careful and meticulous approach to managing the nation’s debt, noting that the present administration, for the first time in the nation’s history, retired a domestic debt of N75 billion in 2013.
Source: Thisday
130 comments:
Ngozi fear God, breeze go soon blow!
I know.... But people are just agents gej administration... That's all I see
We're still debt, two of you re still saying the same thing.
A
Wow! Thank God for dis clarification, and God bless her. Thumbs up to her for dis.
Please they should do something about this whole thing because 63billion dollars is a huge sum of money
This woman's own is just to be giving us statistics...always defensive ...mtchewwww...Nigeria's economy got worse under ur watch ma'am..go n take several seats biko
If you recorded $18b under 5 years term in comparison with overall $63b from 1960, doesnt that still show this is the most useless government ever ?? Or am i missing my math? These ppl must think our gullibility stands at 100% ..how daft a comment she made in defense of their corrupt administration. At one point in all your lives, you shall reap what you have put millions of ppl through.
Can't thisfat, loudmouth just keep quiet , like her principal? What has she controverted in the allegations now? Of the 60 billion dollar debt, over 50% was incurred in the lat 8 years! Doesn't Ngozi have no shame anymore? See the mess the country is in under her watch! To imagine that she was still boasting of our strong economic base, even as late aslant week! Enough of the insults, pls. Keep quiet, Ngozi.
Make una free this woman now......even if she embezzle money so what.......do ya all think its easy for a woman to get to her position in Nigeria.........u guys had better allow her enjoy her time......
Make una free this woman now......even if she embezzle money so what.......do ya all think its easy for a woman to get to her position in Nigeria.........u guys had better allow her enjoy her time......
So how much?
Sigh!NOI,ok,sum up that of your administration.
It still comes to 17.3+18.1=35.4.So what the hell are you saying Madame?And considering that this period is when the world had its best prices from oil.The highest oil boom period ever.Just go Madame.The LORD will sort us out.I hope your conscience will allow you to sleep well.
Take your economics and percentages and figures and projections and theories that weren't practicable in Nigeria and go.Goodluck (no pawn intended)in your future endeavors.
The debt is still much you know. Lindaobserve
APC just looking for a reason not to work
Dese ppl shld shut up n do something abt our situation
Linda e be like this woman is smoking ganja.. If the states cannot borrow any money without the approval of the Coordinating Minster of Economy / Finance and she claims chunk of that money is domestic debt. Isn't it the FGN that incurred the debt because non of the local debts would exist without the FGN backing.
Is the figure or the statement of the VP elect out of place?
This woman is still trying to make a point despite the evidence; we are seeing n experiencing?
She's always on the defensive whenever there's a remark on the economy. Is it a sign of a good leader? Definitely No! A good leader listens and is open to constructive criticism.
I have come to a conclusion that she's delusional n she has a wrong perception of herself. She over rates her competence. PATHETIC NGOZI IWEALA.
Is dat not d same tin? Who does she want to confuse? All dis people should be probed cus it's like stealing is legalised in this country
That is exactly what she will say, she will never accept Oshinbajo's claims that the federal government incurred the $60bn debt. That is Nigerian politics for you. Current Nigerian News
I dislike this woman!...big mouth
Liar
MAKES COMMON SENCE
She claimed the minimum wage policy introduced by Yar'adua contributed to the huge debt we are seeing in GEJs regime but I ask,didn't Jonathan equally removed fuel subsidy?what happened to the funds realized? Truth is,no matter how much we love the gentle president,we can't close our eyes to the extravagance of his admin.We just can't ignore the lootings that pervaded his regime and we certainly cannot forget the corruption that has eaten deep into the very fabrics of our nation under his leadership
So?
you ppl should hurry up and get outta office...using english and world bank yarns to run Nigeria down as you pack all the money for personal gains! finance,petroleum! all these ministers need to the probed! I hope Buhari doesnt show mercy because Nigerians will be very Upset if he suddenly becomes soft!
You are a liar and a thief,GOD will purnish and expose all of you.Criminals
Who dey lie now?
Pastor Deceiving People.....clueless VP elect
Useless woman! Your explanation is immaterial . Where where you as Finance minister when NNPC was looting our coffers under your watch, the jamboree of import waivers... And your fictitious claim that we are the largest economy in Africa and even surpassed a host of 1st world countries, your baseless claim that the fundamentals are strong. A shame that you have been in the system for the most part since Obasanjo's regime yet your impact is dismal. Oloriburuku...
All these ministers shud give account of their
stay in office or be probed.
They didn't incure but Nigeria's debt now stands at $63 billion USD we are almost saying the same thing.
#FOCUS n #ACHIEVE
This woman has completely crippled our economy. She denied that Nigeria was broke! But later admitted that its going to be a very difficult year for Nigerians. She has not been honest with us.
#TeamBlessed#
What's this useless woman saying! Obasanjo cleared our debt and Jonathan, under this woman's economy watch incur debt on the lazy, ignorant citizens
Iweala for me is the Nigeria financial cancaworm, she needs to be thoroughly bribe...
What are you on about Madame.
Which debt from 1960?were you not the one that led the debt pardon talks during the OBJ regime which you were part of and you were almost asked to leave because OBJ found out the consulting firm that handled the negotiations was your brothers firm?
Madame,please be quiet and just go quietly.Not the whole of Nigeria is ignorant of your atrocities.
Imagine what is coming out from her mouth, failure minister. Make una do pack una mumu bags dey goooooooO.
⌣̊┈̥-̶̯͡»̶̥♡thanks ⌣̊┈̥-̶̯͡»̶̥
I knew it. I knew it. I knew it. This is another Emir Sanusi's $20b? $18b?$25b?$25b?????? .brandying figures around without proof or evidence. Osibanjo thinks that by just saying it it will become true. He cannot pull a wool over Nigerian's eyes. He just wanted to justify their future stealing. Thieves
What crap is this woman saying again she's even saying its 63b even if it wasn't accumulated during the present administration, why is the debt going up instead of down under her watch..... just goes to show how bad nigeria has it at the moment smh well let's see what the next group does.... I hope the present group finds out karmas a bitch
What crap is this woman saying again she's even saying its 63b even if it wasn't accumulated during the present administration, why is the debt going up instead of down under her watch..... just goes to show how bad nigeria has it at the moment smh well let's see what the next group does.... I hope the present group finds out karmas a bitch
Well done Madam. You have done your best and God will surely continue to reward you. Let all the haters jump into the lagoon.
we dey wait
APC and propaganda. Why is APC looking for reasons not fulfill its campaign promises to Nigerians? Is Nigeria the only country with debt? Even America has huge debt. Madam well done. We know you are an excellent manager of our resources. APC will have to get down to work rather than looking for excuses every time.
This woman is getting us confused by the day
A woman that knows what she is talking about. Ignorant and empty headed politicians cannot understand this one. To then economy = money. Not assets, not anything else. Just raw cash. Shame on the empty heads and I just pray for Nigeria. Well done Madam: God is indeed taking you to higher grounds
Why did this man in hat claims to be a pastor Osinbajo lie that it was the outgoing government that incurred the debt? Osinbajo what a shame.
Ngozi Okonjo Iweala had made so many recommendations and that had not been heeded by us the Nigerian people, the governors and past and present administrations. Osibanjo should have have waited for the hand over notes before spewing rubbish. It's only an inexperienced or over anxious guy that behaves the way Osibanjo and the rest of the APC chieftain are behaving.
Osinbajo please don't say things that are not true. Remember you are supposed to be a pastor. Haba. Is this all for politics? Na wah o.
I think APC has to watch their utterances. Nigetia has to move on beyond their politics of blame. If the debt has continually been turned over how then is it that Osinbajo lied that it was the outgoing administration that incurred the debt? I just hate these politicians pulling Nigeria down in front of the world all for political power and cheap points.
Madam make you no mind them. Nigeria no be the only country wry get debt. America, England, all European countries, Angola, Russia every one of them get debt. So Osinbajo and APC have to find another reason for why they will not fulfill their campaign promises.
Osinbajo has started lying already. Na wa o. The man looks like someone they will be sending to go and buy cigarette. 29th is here already. No excuses for failure. APC make una start work
So we have had debt since 1960 and only retired 75 billion undet the outgoing administration? All the ex general heads of state ought to be lined up and shot. Buhari included. Nonsense.
Thank you Madam for this information. Nigerians are knowing more about the so called politicians in this country and I am just sad that Osinbajo will lie to score a political point.
Dr OkonjoIweala knows really her facts and figures. APC your reason for wanting to run away from fulfilling your campaign promises has now been thrashed. Please get to work APC and stop all this complaining and looking for excuses. Nigerians are running out of patience.
Haba Osinbajo why? Why. Please don't fall my hand. You were the reason some of use supported that old general. Please don't mess yourself up trying to play politics of blame. Get to work. Every nation on earth has debt Abeg.
Na wah o. So we have had debt since and all these old men had refused to do anything about it. Imagine. It took a woman to retire some of the debt. I hail Naija women.
Just loving this woman. Well done madam. Give them fire for fire.
Madam the information you provided here is very good because we know now that APC cannot use this as a reason not to fulfill their campaign promises. APC next?
This is what it takes! Open communication with favs and figures not propaganda. Useful information here. Osinbajo please get to work and stop looking for excuses.
Madam thank you for clearing the air. These APC people should stop this nonsense. Osibajo has never complained about the humongous debt profile of Lagos State. Most of the domestic debt were taken by States so i wonder what this Madam has got to do with it. Now we know what happened when yaradua was sick and a cabal from Katsina was in charge. Buhari you must charge your own town people ooo. No ojoro.
Facts and Figures. APC, Nigerians do not want complaints. We want action and results period.
shoro niyen aunty okonjo!!!
Dopeblackboy%
Osibajo can lie! na wa oo. See how he presented it as if this governmenmt took 60 billion dollars in loans. Na wa oooooo. APC should stop campaigning and get to the task of nation building.
Thank you Madam. Only people that are knowledgeable will appreciate all you have done. I just pray that APC will have a person of your caliber in Finance. We continue to pray.
Like she wasnt part of the government officials that got a triple raise in pay. This woman will never own up to anything. Everything is perfect in her eyes. This woman is just someone who memorised her text books and passed all her exams in school, nothing genius about that. She's an enemy of the masses!!!
Thank you Madam. That is why we say no Almajiri Presidency.
The truth can never be hidden. Just see how Okonjo Weala has explained this thing. APC we dey worried ooo. E be like say the more we look the less we see.
Debt since 1960? Wow. So why did Osinbajo make it sound that it was all accumulates in the past 4 years? That is very very disappointing from Osinbajo. I expect such from typical politicians but not from Osinbajo.
The truth will always triumph over lies. Well done NOI for this. We will use it to make sure APC does not run away from fulfilling its campaign promises.
Now this is what they call stewardship. Ngozi Okonjo Iweala has just schooled Osibanjo like a little school boy. They best way to prevent all these mistunderstanding moving forward is to have both Federal and state government publish accounts for their different states every year. That way their is more transparency.
No they dint incur debts so why are we in so much problems in the country all this people need to be killed
I know economics o! Sha make una make things easy for Nigerians na im me I know.
Well done minister. Don't mind all these APC monkeys. They are already scared of running the economy. They claimed they will do magic so we dey seatdon look
The honorary award you got was not deserving
Wtf
Time wl tell
Time wl tell
Hmm
for your mind you are telling us the truth abi. Okonjo,,,, there is God ooo
a.k.a EDWIN CHINEDU AZUBUKO said..
.
I hate this woman....
.
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***CURRENTLY IN JUPITER***
SHAME TO THE SO CALLED PASTOR YEMI,U ARE A DISGRACE TO CHRISTAINDOM.LIARS
SHAME TO THE SO CALLED PASTOR YEMI,U ARE A DISGRACE TO CHRISTAINDOM.LIARS
can somebody sensible please shrink the government!!!!!!!!!!!!!!!! why does a fed ministry need 2-3 ministers all with Deputys, SAs, PAs, Exec Assistants, security and dogs
What have you done with all crude sold, excess crude and monies generated by all ministries withing your 6 year administrations blaming soar of debt on salary increment by former government instead of corruptions.
E jo shoro ni yen?
Whether it is true or not, this administration should be extensively investigated! We were talking of the $20 Billion that was not remitted by NNPC, now we are talking of $60 Billion debt! Haba!
On the other hand, the quantum of excuses that Buhari and Osibanjo are already churning out, I hope these are not excuses for them to underperform or fail! If they know that the situation of Nigeria is too huge for them to handle or redeem, they better resign, so that someone who is fit and capable can do the job! They are still at the threshold o!!!
A closed mouth is a closed destiny. Madam Ma, you knew all these and kept it to yourselves.
People in constituted authority must stop washing their dirty linens in public. Please VP, avoid propaganda and hate politics. Wait for a minister for information. Meanwhile, use ur aide to make press statements. Do not lose ur self-esteem. Text Fortune to 33020.
Yemi Osinbajo is Tinubu's stooge. He has bin schooled on how to Lieeeee. Liar Pastor.
When u don't understand, ask questions Professor!!!!!
Were you not in the country or were in Pluto when she suggested that monies from the excess crude account be put in a soveriegn wealth fund and saved for the rainy day and the governors took the Federal government to court over it. Eventually it was ruled in the governors favour and the moner was shared amongst the governors. Why is our memory so short. Haba!
Someone should pls tell d VP to b to learn to b factual when dishing out info 2d public in order not to mislead Nigerians.
Please use the assets to pay salaries and recurrent expenditure.You are a dimwitted individual
Please spear Nigerians all that analysis can't FG use this money paid to marketers to repair our 4 refineries if FG can't build a new one. FG some years ago gave approval to private individuals to build refinery where are they now? As the world best economist claimed don't you know what Nigeria looses from exporting crude oil what a shame madam I have feeling in my spirit that God will expose you and your cohorts to the world to see the damage you people have done to Nigeria .
She never closed her mouth about it. She shouted it loud and clear when.
1) She asked for fuel subsidy to be removed. The whole country went on strike.
2) she asked for money from the excess crude account to be put in a soverieign wealth fund and be saved for the country. FG was taken to court and the governors won.
3) She made recommendations for cost of governance to be cut. They told her to shut up and face her work.
Now they are turning round to blame her. Okonjo Iweala you would have done best in a military administration where your recommendations would have been forcefully imposed on Nigerians.
You are sick. She gives you facts you say it so defensive. So when Osinbajo opened his big mouth what was that? Rather than ask intelligent questions you abuse because that is the only thing you have upstairs. We willy air and see how Nigeria fares under the APC 429ers.
Damochedxb sharrap!!!. Nigerians never want to know the truth and they always want to justify their actions. If we the people and the governors had heeded to her advise, we won't be in the situation we are today. We are too stubborn
D VP, and co should take a clue frm her wit analysis economy issue wit facts not crying fowl in d public domain misleading Nigerians wit their lies.
Lol, sorry dear, they re not saying the same thing ooooo. Read well before you type
Ubanagum
Even Mighty America has debts it owes. No big deal. Not the first time Nigeria will owe debt. So what's the big deal?. VP elect, just making white noise, even when he has not seen the books by himself. God help us.
Mighty America owes debts. Nigeria's case is no different. VP elect should stop making white noise till he sees the books himself.
lies lies lies!!!! the truth will come out soon
Fool U re! is dat d way forward in ur village? Since d inception of Uncle Jona: under her watch our bebt has sky rocketed & she still av d guts 2 come analysice grab 4 us God sees U all
people go just dey talk rubbish. for d ones wey dey work 4 here tell me how much u don save from ur salary. people go dey talk like say e easy to manage money. currently na wetin america dey owe be dis $18,152,378,180,209.21, compare to nigeria own
@royal Priesthood, God bless u somuch 4 dis lovely comment of urs and a thousand kisses 2u. Dis is y am ur number one fan in dis blog.
U r d best soul dat comments regularly in dis blog and makes lot of sense unlik those morons lik AbokidaWarri, and Davidodriver, juliet mumu, and lmk_land dat their comment r usually shallow.
Pls don't mind those dat envy u mostly those hater's.
people too get mouth...all d saints wey dey here make una tell me how much u don save from ur salary wey dey make u talk as if money too easy to manage. even america dey owe too. http://www.brillig.com/debt_clock/
Ngozi don't provoke me to curse you. I dey vex seriously! Linda take note!
I don't know when Osibanjo became the finance minister. They shouldn't have excuse in implementing their promises. Enough of propaganda
This is true sha. We nigerians r d problem.
The Vp elect should get facts right and stop misleading 150m Nigerians!!
Oh plz! What she is saying is that the government shouldn't increase the salaries of it's workers, but they are allowed to live lavish lifestyles and own numerous private jets? She can like to tell that to the goats.
Difference here is she's analyzing and not making claims...the APC just jumps online and starts confusing d people by saying trashy words and calling opposition names daily...this new trend of seeking public and media sympathy should stop..to most people now " GEJ pocketed 60billion $" or however way they intend to make it sound...even Pa Buhari's gbese joins till today...they are all the same but somehow Jonathan is succeeding to be the public scape goat when he is trying his most compared to many of them who don't even care boy the Nation
Ur a fool...LIB bring us all together wen we are of different standards ... Ignoramus
Royal priesthood u get fuel? I fit give you e-slap if u support Jonathan and his lying ministers again. Anuofia
Did you see wisdom in what you just blurted out? Na small pikin dey worry you so stfu
Anon 1 07.... ur head correct!
Na thunder go strick ur mouth,u shall die of poverty
10K Likes
Well said my sister.
See this fat fool
You finished Nigeria and you are still talking ????
What facts is she giving? Or lies is what you mean?
Anonymous 1.08pm Rite now you have no fuel or light in your house and are living lime a war torn refugee in darkness and yet u still cannot see that the state of d present economy u live in was coordinated by Ngozi who you revere sooo much. You have to be among one of d dumbest excuse for a human being that ever existed on d face of this earth!!! Olodo oshi!!!!
Don't be stupid! Direct your anger at the politicians who have been stealing
Ode... mumu
When will the truth ever come out of this woman's mouth? One day she will tell us her name is Njideka not Ngozi.
Shared in what ratios? The federal government still had more than states and LGA, also what happened to monies generated by ministries with noting to show for but deteriorated infrastructures. Where is the refineries promised during 2012 January fuel subsidy by GEJ, power generation dropped to 1.5mw, unemployment soars with a lot losing there jobs in telecoms, financial sectors, serious security issues, no gasoline, SMEs shutting downs due to high cost of operations and lending rates, the naira lost value by 25% etc. Maybe you are the one living in Mars all these while when GEJ admin sold crude at over 130$ for close to 5yrs yet handing over with debt profiles of this country 3yrs budget. Wished is been probe and jailed for either his crimes or incompetence.
Thumbs into her fat lying ass. Olosi.
Her husband needs to slap sense into her. All the paper economics crap is killing Nigerians.
Dis guy.. cnt shout.. send me ur address pls
@ anonymous. U make me sick.
Some people actually talk like stack illiterate. Grammar doesn't define common sense. The Gej administration she claimed from 2013 till date settled N75b in domestic debts only. The first tenure of the Gej administration settled no debts. During the Obasanjo administration, if you read well enough and no shadowed by your own political criticism, more than $30b was settled both in international debts and domestic. Why now praising a Govt who settled just N75b debt in the whole of 6 years tenure? This same lunatic we praised as an economist told us during the subsidy strike that we should subsidize certain percentage to development our country settle foreign debts, build refineries and repair the damaged old refineries. I don't know about you. But it doesn't matter if she works with the world bank meant she was or is smarter and better than me!
Pls y'all shud keep quiet, if she knew dat rmval of subsidy will build refineries and beta the lives of the citizens of the country then why didn't they persist to do it bcos they amass wealth n largess to themselves nonsense
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