Ihedioha revealed this on Tuesday night when he spoke with newsmen in Owerri, the Imo State capital
Browsing: Abraham Nwankwo
The paradox of a federal state with a unitary economic management model has been cited as a major reason why Nigeria is yet to achieve economic diversification despite effort by successive governments.
Speaking on the topic: “Sapping Africa’s Debt Financing Strategy: Removing Some Mental Cobwebs,” at the Fourth London Stock Exchange Africa Advisory Group Meeting in Nairobi, Kenya, Nwankwo said such a transformation plan is needed as a formal policy document, narrating how debt financing will be applied to launch economy unto a trajectory of self-sustaining prosperity; with credible macroeconomic figures at the beginning, intermediate and concluding stages: GDP figures, inflation, interest rates, exchange rates, reserve position, etc.
The event, a National Roundtable on Inflation, will discuss discuss monetary, fiscal and structural aspects of inflation.
The compact and gripping story that is told in Seven Acts, in 94 pages of excellent dialogue, opens with an apt explanation of recession, which is causing consternation across the country: “… So if the economy is in recession, it could lead to distress in the banking sector, because companies that have borrowed are more likely to default
Fueling the oil price decline is the worry that the net Chinese oil imports will weaken this year, and with global and domestic demand for oil on the decline, the prices of crude oil are bound to fal
“The DMO is committed to making sure that we raise money to fund the 2016 budget deficit from appropriate sources and through appropriate mix during the fiscal year to make sure that capital projects are funded,” Nwankwo said
He said: “This visit has opened a new door for economic cooperation between Nigeria and Sudan to share our knowledge, experience and also to learn from each other
The DMO Boss noted that online publishing has become a force to reckon with worldwide, saying Nigeria should also take advantage of the new window to ensure timely dissemination of information
A former Head of Service under the Aregbesola administration, Elder Segun Akinwusi, who is the candidate of the Social Democratic Party in the August 9, 2014 governorship election in the state, had equally built and sustained his campaign for the governorship seat on the claim that Osun State Government owes over N350 billion
The DMO in its May 2014 FGN Bond Offer Circular, said that the three-year and 10-year bonds would be settled on May 16
Nwankwo, who confirmed the figure while appearing before the National Conference Committee on Public Finance, said the amount was as at March 2014, adding that 32 per cent of the debt external is owed by states, while 68 per cent is owed by the Federal Government
The posting indicated that the bonds would mature in August 2016 and March 2024 respectively
The DMO said this in its “February 2014 FGN Bond Offer Circular” posted on its Website on Thursday
The bonds included $500 million issued on January 28, 2011, which would mature on January 28, 2021; another $500 million issued on July 12, 2013, to mature by July 12, 2018; and another $500 million issued on July 12, 2013, to mature by July 12, 2023
The DMO Director-General, Dr. Abraham Nwankwo, disclosed this at the opening of a two-day workshop in Badagry in Lagos State
The debt office said it would issue N35 billion each of the three-year bonds to mature in August 2016 and 20-year bond to mature in July 2030