* Nigeria’s Actual Debt is $39 Billion
Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala has assured that both Nigeria and the World Bank that the country and the international financial institution would be involved with Chinese investors to ensure that strategic economic interests are given for more beneficial involvement opportunities.
Dr. Iweala at a World Bank meeting with reporters in Washington D.C. said that no one would be allowed to come into Nigeria to abuse the country’s liberalization and openness process.
Pointedly tackling a poser from the editor of sharpedgenews.com on the need to give Nigerians in the Diaspora some leverage that other investors get in Nigeria, Dr. Iweala said: When you come in, it would be proper to ensure that you discuss with the relevant people. Be very specific with what you want to do because people come in (but) they don’t have a business plan and they are not clear. And whatever it is, please let us know, because we want to support the Diaspora.”
She said that Nigeria and the leadership of President Jonathan is deregulating domestic debt acquisition. “The country will generate more internal revenue to finance fiscal deficits”, she assured, adding that “over the medium term, we want to come back to a sustainable level of domestic debt.”
One of the officials who assisted Dr. Iweala explained that Nigeria’s total debt portfolio is about $39 billion representing about 13% of the country’s Gross Domestic Product. Further down, the country’s external debt is about $5 billion while the domestic stands at about $39 billion. Journalists present at the event were told that the country goes to the money market every month and intends to fully fund its fiscal deficits up to 850 billion naira as provided for in the 2011 Appropriation Act.