FMF House
From Benjamin A Ameh, Lagos
Co-ordinating Minister of the Economy and Minister of Finance Dr Ngozi Okonjo-Iweala, said yesterday that Nigeria’s $5.2trillion domestic debt, which accounts for 17.5 per cent of her Gross Domestic Product (GDP), is not healthy for the economy. She also said the Federal Government will cut recurrent spending, such as wages and others.
Also the Federal Ministry of Finance has released the sum of N400 billion as first capital budget to give fresh impetus to the execution of projects captured in Budget 2013.
Of this amount, N120 billion had been frontloaded to cater for two important initiatives:
N75 billion for retiring bonds which have come due. This is in line with the new debt management strategy which focuses on reducing the stock and flow of debt in a proactive manner and N45 billion for the payment of PHCN workers. Fmf site
