Nigeria's foreign debt has risen by about 87 million dollars to $3.947 billion in the last quarter of 2009, the Minister of State for Finance, Mr Remi Babalola, said. He said "The government's debt position remains sustainable, with an external debt stock of 3.947 billion dollars as at December 2009". By the end of October 2009, Nigeria's foreign debt was stated at $3.86 billion.
The Minister of State for Finance also explained that the federal government was comfortable with the external debt at these levels especially when external liabilities of the private and public sector and import coverage are considered saying “Nigeria now has a more strengthened banking system and a more unified foreign exchange rate market. Indeed, external position is robust, characterized by low external debt and reasonable external reserves position”
He also spoke about the convergence of the official and parallel (black) market exchange rates due to the policies and intervention of the Central Bank of Nigeria in the inter-bank market. He added to this saying “This trend will be sustained in the coming years, especially in 2010 when substantial recovery of oil production is expected with improved performance in critical sectors and overall real GDP growth”
"Nigeria should remain on course for solid growth supported by improved oil production, continued calm in the oil-rich Niger Delta and increased private sector participation in the economy"
The minister also pointed out that less than 4,000 megawatts of electricity are currently produced in Nigeria versus the estimated 12,000 megawatts of electricity that is required for its population.
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GAVIN COPENHAGEN, DENMARK March 05, 2010
I thought Obasanjo cleared all our foreign debts before he left office!
What is going on here and can someone enlighten me please?
scopey Dallas, USA March 02, 2010
Money wey one person fit pay from that country.....if i lie make una fine me
