Point of correction Osinbajo, this FG didn’t incur $60bn debt says Okonjo-Iweala;explains who owes it

At a recent policy summit put together by the incoming government, Prof. Yemi Osinbajo, the vice president elect alleged that the outgoing Jonathan administration owes $60bn in local and foreign debts, while 110million are living on poverty.

The Coordinating Minister for the Economy (CME) and Minister of Finance, Dr. Ngozi Okonjo, has however refuted the claims that the outgoing administration under President Goodluck Jonathan accumulated a debt of $60 billion.

Okonjo-Iweala disclosed that the nation’s current debt stock, which stands at $63.7 billion encompasses multilateral as well as domestic loans by successive federal and state governments since 1960.

She told finance correspondents that various states of the federation accounted for 20 per cent of the nation’s total debt stock.

Of the $63.7 billion debt, the minister said $9.7 billion or 15 per cent is external while $54 billion or 85 per cent represents domestic debt.

According to her between 2007 and 2011, a debt of $17.3 billion debt was recorded while between 2012 and 2015, the debt stood at $18.1 billion.