Nigeria’s Debt Composition is Now External 30% Domestic 70%- Pat Oniha, DG DMO

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Nigeria’s Debt composition is now 30% External and 70% Domestic (30-70), the Director-General of the Debt Management Office of Nigeria Ms. Pat Oniha disclosed this today in a business programme on Channels Television.

Ms Oniha said the composition had changed from what was obtainable two (2) years ago which was a 15% external and 85% domestic debt structure.

She assured the nation that the debt level was sustainable and well within the guidelines and provisions of borrowings and debt management.

According to her “ Nigeria’s borrowing remains sustainable in the short, medium to long term levels, guided by the DMO objective of prudence”.

On the build up to the 2019 general elections, Oniha said there was no political risk to Nigeria’s debt, because investors are looking at the fundamentals from the gradual reduction in inflation rate (11.23%), rising external debt(about $47bn) to the monetary policy rate which remains stable at 14%.

Speaking on the refinancing of domestic debts in the country, Oniha shared that the Federal Executive Council and the National Assembly approved $3bn for it and was achieved in November, 2017 ($500m) and February, 2018 ($2.5bn).

Between December, 2017 to June, 2018 Ms Oniha said about N830bn worth of treasury bills had been redeemed by the Federal Government, which has brought liquidity to the Nigerian financial market.

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Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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