{"id":19513,"date":"2019-12-30T15:00:58","date_gmt":"2019-12-30T15:00:58","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=19513"},"modified":"2019-12-30T15:00:58","modified_gmt":"2019-12-30T15:00:58","slug":"nigerias-debt-service-higher-than-desirable-lai-mohammed","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-debt-service-higher-than-desirable-lai-mohammed","title":{"rendered":"Nigeria\u2019s debt service higher than desirable \u2013 Lai Mohammed"},"content":{"rendered":"<p>The Minister of Information and Culture, Mr. Lai Mohammed, says Nigeria\u2019s public debt service is higher than desirable.<\/p>\n<p>He also explained why the total public debt stock of Nigeria rose to $83 billion.<\/p>\n<p>Mohammed spoke at a press conference on Monday in Ikeja, Lagos State.<\/p>\n<p>According to him, the public debt stock is a cumulative figure of borrowings by successive governments over many years.<\/p>\n<p>He said, \u201cRecently, there have been concerns in certain circles about the country\u2019s growing debt, both domestic and external. In the process, there have been some misrepresentations and scaremongering.<\/p>\n<p>\u201cIt is not appropriate to attribute the public debt stock to one administration.<\/p>\n<p>\u201cNigeria\u2019s total public debt stock in 2015 was $63.80 billion, comprising $10.31 billion of external debt and $53.49 billion domestic debt. By June 2019, the total debt stock was $83.883 billion, made up of $27.163 billion of external debt and $56.720 billion domestic debt. It is therefore not correct to say that Nigeria\u2019s external debt alone is $81.274 billion.<\/p>\n<p>\u201cThere is yet no cause for alarm. This is because Nigeria has a debt ceiling of 25 per cent in the total public debt stock to Gross Domestic Product (Debt\/GDP), which it has operated within.<\/p>\n<p>\u201cThe ratio for December 31, 2018 and June 30, 2019 were 19.09 per cent and 18.99 per cent respectively.<\/p>\n<p>\u201cThe debt service to revenue ratio has, however, been higher than desirable, hence the push by the government to diversify the economy and increase oil and non-oil revenues significantly.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Minister of Information and Culture, Mr. Lai Mohammed, says Nigeria\u2019s public debt service is higher than desirable. He also explained why the total public debt stock of Nigeria rose to $83 billion. Mohammed spoke at a press conference on Monday in Ikeja, Lagos State. According to him, the public debt stock is a cumulative [&hellip;]<\/p>\n","protected":false},"author":62,"featured_media":8067,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,14],"tags":[1279,50],"class_list":["post-19513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-ikeja","tag-lai-mohammed"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigeria\u2019s debt service higher than desirable \u2013 Lai Mohammed - Nigeria<\/title>\n<meta name=\"description\" content=\"The Minister of Information and Culture, Mr. Lai Mohammed, says Nigeria\u2019s public debt service is higher than desirable mention\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-debt-service-higher-than-desirable-lai-mohammed\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s debt service higher than desirable \u2013 Lai Mohammed\" \/>\n<meta property=\"og:description\" content=\"The Minister of Information and Culture, Mr. Lai Mohammed, says Nigeria\u2019s public debt service is higher than desirable mention\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-debt-service-higher-than-desirable-lai-mohammed\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-30T15:00:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/upload\/sites\/3\/2019\/04\/lai-mohammed.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"660\" \/>\n\t<meta property=\"og:image:height\" content=\"387\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"alico\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"alico\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-debt-service-higher-than-desirable-lai-mohammed#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-debt-service-higher-than-desirable-lai-mohammed\"},\"author\":{\"name\":\"alico\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/50afd2ef4f0e900bd0a176404a8484a7\"},\"headline\":\"Nigeria\u2019s debt service higher than desirable \u2013 Lai Mohammed\",\"datePublished\":\"2019-12-30T15:00:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-debt-service-higher-than-desirable-lai-mohammed\"},\"wordCount\":245,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-debt-service-higher-than-desirable-lai-mohammed#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/upload\/sites\/3\/2019\/04\/lai-mohammed.jpg\",\"keywords\":[\"Ikeja\",\"Lai Mohammed\"],\"articleSection\":[\"all news\",\"Policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-debt-service-higher-than-desirable-lai-mohammed#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-debt-service-higher-than-desirable-lai-mohammed\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/all-news\/nigerias-debt-service-higher-than-desirable-lai-mohammed\",\"name\":\"Nigeria\u2019s debt service higher than desirable \u2013 Lai Mohammed - 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