Minister of Finance, Dr. Ngozi Okonjo-Iweala has refuted
claims by VP-elect Yemi Osinbajo that the outgoing
administration owes $60billion in local and foreign debts.
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
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