{"id":166808,"date":"2022-03-24T14:56:25","date_gmt":"2022-03-24T13:56:25","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=166808"},"modified":"2022-03-24T14:56:25","modified_gmt":"2022-03-24T13:56:25","slug":"debt-levels-rising-globally-not-just-in-nigeria-dmo","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/03\/24\/debt-levels-rising-globally-not-just-in-nigeria-dmo\/","title":{"rendered":"Debt levels rising globally, not just in Nigeria &#8211; DMO"},"content":{"rendered":"<p>The Debt Management Office (DMO) has stated that borrowing to finance budget deficits and critical infrastructure is &#8220;not neceasarily bad&#8221; for the country.<\/p>\n<p>This was made known by\u00a0<span data-preserver-spaces=\"true\">Patience Oniha, director-general of DMO in an interview with NAN on Thursday in Lagos.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Oniha said that government borrowings were done by all countries, mostly to finance <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/03\/24\/ukraine-64-attacks-on-critical-health-infrastructure-recorded-who\/\">infrastructure<\/a>.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to her, the multiplier effects of quality infrastructure on a country\u2019s economy cannot be quantified.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">She said that successive Nigerian governments have had to recourse to borrowing to fund budget deficits.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">She said Nigeria\u2019s annual budgets would be affected if funds were not raised to support them.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe issue of debt has become topical in Nigeria that sometimes it almost looks as if borrowing is an offence or a crime,\u201d Oniha said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe first thing we must understand is that countries across the world borrow, be it poor countries, advanced countries, developed countries, emerging markets. They all borrow.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe usually hear complaints that debt levels are rising in Nigeria. Globally, debt levels are rising, not just in Nigeria.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The DMO boss said the advent of COVID-19 had also made borrowing imperative for some countries.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWhat has happened with COVID-19 is that countries needed to spend more, not only on health needs but on social needs as well, because we need to take care of people who are losing their jobs,\u201d Oniha said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe need to create incentives for the private sector to continue operating to avoid a big recession because most countries experienced recession.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe did as well, but we came out of it after two quarters. Government spending is one of the tools you can use properly to exit recession.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cIn Nigeria, we borrow to finance budget deficits, sometimes we borrow to finance specific projects and services like railways and airports. Financing infrastructure is an economy itself. It creates jobs across all sectors.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe also borrow to finance maturing loan obligations like the Federal Government of Nigeria (FGN) bonds and Nigeria treasury bills.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Oniha explained that statutory laws are in place to regulate borrowings by governments at various levels and prevent abuse of the process.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe Fiscal Responsibility Act states that borrowing should be for capital purposes and human capital development. The DMO Act is also clear, especially on external borrowings,\u201d she said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cNo arm of government can borrow on its own. It has to conform with those provisions and pass through the federal executive council and the national assembly.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThere is also a fiscal responsibility for the state governments to ensure that the reforms at the centre also happen in the states.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The DMO had recently said that the country&#8217;s total debt stock as at<\/span><span data-preserver-spaces=\"true\">\u00a0December 2021 stood at N39.556 trillion.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Debt Management Office (DMO) has stated that borrowing to finance budget deficits and critical infrastructure is &#8220;not neceasarily bad&#8221; for the country. This was made known by\u00a0Patience Oniha, director-general of DMO in an interview with NAN on Thursday in Lagos. Oniha said that government borrowings were done by all countries, mostly to finance infrastructure. [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":114206,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[19,19364,33472,33473,17097],"class_list":["post-166808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-covid-19","tag-debt-management-office","tag-finance-budget-deficits","tag-finance-infrastructure","tag-patience-oniha"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Debt levels rising globally, not just in Nigeria - DMO<\/title>\n<meta name=\"description\" content=\"The Debt Management Office (DMO) has stated that borrowing to finance budget deficits and critical infrastructure is &quot;not neceasarily bad&quot; 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