FG Did Not Incur $60bn Debt, Okonjo-Iweala Bemoans Prof Osinbajo For Misrepresenting Gov. Financial Figures

                                                                          

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

Speaking to finance correspondents in Abuja yesterday, Dr Okonjo-Iweala said that the nation’s current debt stock stands at $63.7 billion and that it is made up of 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 for the period mentioned above.

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.

In conclusion, she called on APC and the incoming government to govern with the truth and not misrepresent situations with the aim of deceiving the public.