USA Africa Dialogue Series - STAR INFORMATION: Nigeria Has A National Debt Profile Of N16.3trn {Re: EXTRA: Udoma, budget minister, does not know Nigeria’s debt profile | TheCable

Joe Attueyi:

See what I said?  So let us all know once and for all our national debt profile, and forgive Udoma's "senior moment":

Se o tan?

QUOTE

http://thewillnigeria.com/news/nigeria-has-a-national-debt-profile-of-n16-3trn/

Nigeria Has A National Debt Profile Of N16.3trn

October 11, 2016

BEVERLY HILLS, October 11, (THEWILL) – Minister of Budget and National Planning, Udoma Udo Udoma, has revealed that the total national debt stock of the country, comprising both the federal government and the states, stands at N16.3 trillion as at June 30, 2016.

This was disclosed in a statement issued on Tuesday by his media adviser, Akpandem James, following a public controversy when the Minister failed to give the exact figures of Nigeria's total debt at the Nigerian Economic Summit on Monday.

Udoma revealed that foreign liabilities stood at N3.2 trillion while domestic liabilities was N13.1 trillion saying he assumed that the questionon Monday was about contractors' liabilities.

"It has become necessary to correct a misconception carried in the media regarding the minister's response to the country's debt status at the ongoing Nigeria Economic Summit in Abuja," the statement read.

"The minister, who was one of the panelists on the 'Policy dialogue on the Nigerian Economy' discussion, which focused at the time of the question on the domestic economy, had given a response in line with the thread of discussion in the belief that the reference to debts was in regard to contractor liabilities.

"The discussion centred on ease of doing business in Nigeria, the relationship between private sector organizations and government and plans by government to help grow local businesses in line with the theme of the Summit, which is ;Made-in-Nigeria'.

"Answering a follow-up question by one of the anchors of the discussion, Zain Asher Ejiofor of CNN, which followed the thread of the discussion on recent capital releases for infrastructure project, the minister, who naturally assumed that she was referring to contractors' liabilities, said the exact figures cannot be made available at that moment since, given its multi-sectoral nature, it has to be authenticated by the appropriate agencies of government before one can say what the exact figure is.

"The minister did not think that the question related to the overall debt position of the country, which includes external borrowings and other liabilities. So the issue of the Minister not answering a question on the overall debt stock of the country does not arise.

"For the information of the public, the total national debt stock (both the Federal Government and the States) stood at N16.3 trillion as atJune 30, this year. This is made of foreign liabilities of N3.2 trillion and domestic liabilities of N13.1 trillion.

"Before the end of the year, the federal government would release a comprehensive document setting out in one publication all the various sector plans that have already been adopted by the government.

"This will make it easier for the general public to easily access government's overall economic agenda.

"The document will consolidate and harmonizse all the sectoral plans in a single document and set out in broad detail an integrated roadmap for the growth and sustainability of the country's economy."

Story by David Oputah

UNQUOTE

A confusing question led to a cautious "senior Allepo moment"....

Now we all know that as at June 30, 2016:

 ITEM.....................................................................In Trillion Naira (Rounded)

 Domestic Debt Federal.........................................10.606

 Domestic Debt All States........................................2.503   (end of 2015)

 Sub-Total Domestic Debt All Governments...........................13.109

 External Debt Federal............................................2.153

 External Debt All States.........................................1.034

 Sub-Total Foreign Debt All Governments................................3.187

 ------------------------------------------------------------------------------------------

 Grand Total Debt All Nigerian Governments.........................,16.296

 ------------------------------------------------------------------------------------------

 Note: Calculations based on $1 = N197 at end of 2015;  $1 = N283 at June 30, 2016

There you have it....

Let us move on....

Bolaji Aluko

"Shadow" Budget Minister

On Wed, Oct 12, 2016 at 1:58 AM, Mobolaji Aluko <alukome@gmail.com> wrote:

Joe Attueyi:

It has nothing to being a lawyer - or being a non-accountant.  It was a mere "senior moment".....

He has since found out.....maybe we should ask Aisha Sesay to ask again?

And there you have it! :-)

Bolaji Aluko

From DMO:   

https://dmo.gov.ng/debt-profile/total-public-debt/1538-total-public-debt-as-at-30th-june-2016/file

From DMO:

https://dmo.gov.ng/debt-profile/sub-national-debts/1130-states-and-federal-governments-external-debt-stock-as-at-30th-june-2016/file

 

On Tue, Oct 11, 2016 at 10:56 PM, 'Joe Attueyi' via AfricanWorldForum <africanworldforum@googlegroups.com> wrote:

The bobo na lawyer. Most lawyers are befuddled by numbers

Joe
https://www.thecable.ng/extra-udoma-budget-minister-does-not-know-nigerias-total-debt-profile


Sent from my iPhone

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