Buhari and his government has increased the dept profile of Nigeria

Amina Mohammed, the deputy secretary-general of the United
Nations (UN), says Ngozi Okonjo-Iweala, two-time minister of
finance, spent years to get Nigeria out of debt, but the country is
now back to worrying levels of debt.
Speaking at the International Monetary Fund (IMF) and the UN
Working Together Conversation monitored by TheCable on
Tuesday, the former minister of environment in Nigeria expressed
her worry on the rising level of debt in Nigeria and the rest of
Africa.
She said the UN and IMF must have better conversations on the
demands of a growing economy, seeking ways to make growth
better and inclusive.
“Public resources are always going to be important, and so is ODA
and the private sector. But I think we still haven’t yet got quite the
solution and I hope that the work that we do together will open up
that space to think more on how to leverage that,” she said.
“As I was coming up from New York, some of the concerns that
came up from the meeting we had in China just recently and
reports that we have; the debt issues are really big, I mean, having
experienced what it was for Ngozi (Okonjo-Iweala) to get debt
relief.
“It took her a few years to convince people, and we are now back
again in my country, with a level of debt that is worrying, but its
happening all over. Africa, is that the way we want to go?
“I think we really need to sit down and have a better conversation
about all the asks of a growing economy; that needs to be
inclusive, it needs to succeed, because stability is needed more
than ever today, across our countries and where we are working.”
In the conversation with Christine Lagarde, the managing director
of the IMF, Mohammed had agreed with Lagarde that Okonjo-
Iweala was very influential in the debt relief Nigeria secured in
2006.
Before 2005, Nigeria had an external debt stock of $36 billion,
which had been carried over from the military years, dating back to
1985.
In October 2005, with Okonjo-Iweala as finance minister, Nigeria
and the Paris Club announced a final agreement for debt relief
worth $18 billion after Nigeria paid $12 billion.
The deal was completed on April 21, 2006 when Nigeria made its
final payment and its books were cleared of any Paris Club debt,
bringing Nigeria’s external debt profile to just $3 billion while
domestic debt was only about N1 trillion.
As at June 30, 2018, Nigeria’s total debt profile, according to the
Debt Management Office (DMO) had risen to $73.21 billion or
N22.38 trillion.
AMINA MOHAMMED AS THE ‘DUSTBIN LADY’
Amina Mohammed and Christine Lagarde at the IMF
The mother of six also spoke about every of the 17 goals that
make up the SDGs as her children, saying all were equally
important for the future of the world.
She added that when she was appointed minister of environment in
Nigeria, she was seen as the dustbin lady, because the people did
not see the real value of her office.
“I have to tell you, when I went back to Nigeria as minister of
environment, my state was saying, it was environment they gave
you? that is the dustbin lady. They did not even get that
environment was broader than just waste disposal,” she told
Lagarde and a room full of development experts.
She said climate change is important, so is gender parity and
inclusion for youths.
Mohammed stated that “the average age of entry into the United
Nations is 45”, adding that the UN is working hard to change this,
and include young people in its working process.

2 Comments

  1. Ok

  2. Buhari why?

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