(http://peoplesdailyng.com/wp-content/uploads/2013/05/yerima-ngama.jpg) (http://peoplesdailyng.com/wp-content/uploads/2013/05/yerima-ngama.jpg)Barely twenty four hours after the Minister of State for Finance, Dr. Yarima Ngama gave the debt profile of the country as N6 trillion, a new figure of N8.07 trillion, being the total foreign and domestic debt of the country as at 2011 emerged yesterday.
This was the outcome of the National Economic Council (NEC) meeting presided over by Vice President Muhammad Namadi Sambo. The council also deliberated on concessionary facilities from international organisations to states and local governments, auction of direct data capture (DDC) used by the Independent National Electoral Commission (INEC) to states and the Minna national discourse on corruption.
The Director-General of the Debt Management Office (DMO), Dr Abraham Nwankwo, gave the new figure at a press briefing at the close of the NEC meeting yesterday, giving a breakdown of N6.85 trillion as being for domestic stock while N1.217 trillion was for external stock.
Assuring that there is no cause for alarm, Dr Nwankwo said "all States and FCT are within the liquidity solvency as well as the sustainability thresholds" explaining in statistical terms that the "consolidated public Debt/Gross Domestic Product (GDP) Ratio stands at 21.5% as against the standard threshold of 40%.'
Earlier when Nwankwo made a presentation to the council "he highlighted the gains recorded by his office on public debt management including the successful completion of debt data reconstruction (DDR) exercise in all the 36 States and the FCT last December."
A post-council talking point indicated that "the Council commended the DMO for the detailed information in the report and advised the State Governments to strengthen the State DMO offices to facilitate timely and accurate update of debt information."
On the proposed international funding for infrastructure development to the federal and state governments, the council established a sub-committee to be headed by Gombe State Governor, Ibrahim Hassan Dankwambo.
Members include governors of Benue, Anambra, Bauchi, Kaduna, Delta, Ondo, each of who represent each of the six geo-political zones. Other members are the ministers of Finance, National Planning, the Chief Economic Adviser to the President and Special Adviser to the President on Economic Matters.
The concessionary facilities being offered to both Federal and State Government by different international funding agencies are intended to fund high impact projects in such vital areas as infrastructure, housing, water supply, erosion control and employment generation.
Dankwambo explained that "the establishment of a NEC sub-committee is to follow-up and work with interested states towards a better harmonization and coordination of the processes to enhance easier and quicker draw down."
On the sale of the DDC machines to states, Governor Adams Oshiomhole of Edo State said council discussed the offer by INEC to dispose 78,701 laptops to states, adding that the computers, some good, some fairly used, will be distributed to secondary schools across the country.
He said council "agreed that States are going to buy the machines and INEC should give discount of 25% for the old machines and 10% for the new ones, pointing out that "further negotiation on the mode of payment will be finalized by the committee with INEC."
He said: "Council further discussed and supported INEC's proposal at the last NEC to sell-off a total of 78,701 excess laptops and webcams to the States for distribution to Secondary Schools for the promotion of computer literacy.
On the Minna national discourse on corruption, Niger State Deputy Governor, Alhaji Ahmed Musa Ibeto said: "the Council was briefed and presented with a report of the National Seminar on Corruption which was held in Minna, Niger State in collaboration with the National Planning Commission.
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