{"id":170618,"date":"2022-04-01T07:16:22","date_gmt":"2022-04-01T06:16:22","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=170618"},"modified":"2022-04-01T07:16:56","modified_gmt":"2022-04-01T06:16:56","slug":"dmo-government-borrowing-got-nigeria-out-of-two-recessions","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/04\/01\/dmo-government-borrowing-got-nigeria-out-of-two-recessions\/","title":{"rendered":"DMO: Government borrowing got Nigeria out of two recessions"},"content":{"rendered":"<p>The Debt Management Office (DMO) has stated that federal government used loans to bring the economy out of the 2017 and 2021 recessions.<\/p>\n<p>This was stated on Thursday by\u00a0<span class=\"acssf62a8\">Patience Oniha, director-general of the agency while delivering a keynote address at the fourth national budget roundtable and panel discussion at Covenant University, Ogun state.<\/span><\/p>\n<p><span class=\"acssf62a8\">The budget roundtable was organised by the Centre for Economic Policy and Development Research (CEPDeR) of the institution.<\/span><\/p>\n<p><span class=\"acssf62a8\">At the event themed \u2018National Budgeting for Economic Recovery and Sustainable Development in Nigeria\u2019, Oniha said government borrowing could also bolster other sectors of the economy.\u00a0<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cThe Nigerian government has successfully utilised borrowing as a tool for economic recovery, to bring the economy out of cycles of recessions, first in 2017 and second in 2021,\u201d NAN quoted Oniha as saying.\u00a0<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cGovernment <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/03\/23\/former-commissioner-under-gov-udom-tackles-him-over-borrowing-alleged-contract-racketeering\/\">borrowing<\/a> can also support other sectors of the economy that attract foreign investors and have multiplier effects on the country.\u201d\u00a0<\/span><\/p>\n<p><span class=\"acssf62a8\">Oniha also said most of the critical infrastructure built by the federal government were funded from internal and external borrowings.<\/span><\/p>\n<p><span class=\"acssf62a8\">She added that government borrowing was not necessarily bad if used to finance important developmental projects and programmes.<\/span><\/p>\n<p><span class=\"acssf62a8\">The director-general listed some of the infrastructure built by the federal government as the Lagos-Ibadan expressway, Second Niger Bridge, train station in Iddo and the Lagos and Enugu airports.\u00a0<\/span><\/p>\n<p><span class=\"acssf62a8\">Speaking further, she said the nation\u2019s current debt profile to gross domestic product (GDP) ratio was 22 percent, adding that the maximum debt ratio to GDP of any country should be 40 percent.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cThe nation\u2019s debt profile is fast growing as the country has a huge infrastructure deficit,\u201d she said\u00a0\u00a0<\/span><\/p>\n<p><span class=\"acssf62a8\">\u201cHowever, the government is working tirelessly to diversify revenue sources to reduce pressure on crude oil, which is prone to volatility.\u201d\u00a0<\/span><\/p>\n<p><span class=\"acssf62a8\">Oniha added that spending on infrastructure by the federal government was meant to create job opportunities for youths.<\/span><\/p>\n<p><span class=\"acssf62a8\">Nigeria\u2019s total public debt stock\u00a0<\/span>had increased to N39.556 trillion in 2021<span class=\"acssf62a8\">, according to DMO.\u00a0<\/span><\/p>\n<p><span class=\"acssf62a8\">Recently, the agency had also stated that borrowing<\/span><span class=\"acssf62a8\">\u00a0to finance budget deficits and critical infrastructure was \u201cnot necessarily bad\u201d for the country.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Debt Management Office (DMO) has stated that federal government used loans to bring the economy out of the 2017 and 2021 recessions. This was stated on Thursday by\u00a0Patience Oniha, director-general of the agency while delivering a keynote address at the fourth national budget roundtable and panel discussion at Covenant University, Ogun state. The budget [&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":[16587],"tags":[28553,2684,19364,17097],"class_list":["post-170618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-borrowings","tag-covenant-university","tag-debt-management-office","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>DMO: Government borrowing got Nigeria out of two recessions<\/title>\n<meta name=\"description\" content=\"The Debt Management Office (DMO) has stated that federal government used loans to bring the economy out of the 2017 and 2021 recessions.\" \/>\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.withinnigeria.com\/news\/2022\/04\/01\/dmo-government-borrowing-got-nigeria-out-of-two-recessions\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DMO: Government borrowing got Nigeria out of two recessions\" \/>\n<meta property=\"og:description\" content=\"The Debt Management Office (DMO) has stated that federal government used loans to bring the economy out of the 2017 and 2021 recessions. 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