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Friday, 23 November 2012 00:00
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FG needs $10b annually to address infrastructure

The Federal Government needs $10 billion yearly with the  over the next 10 years to address its infrastructural deficits, Dr. Abraham Nwankwo, the Director-General, Debt Management Office (DMO), said.
He said after a meeting with the Supervisory Board of the DMO at the State House, he said that a developing nation like Nigeria would record faster economic growth if there was a consistent flow of investment and loans to address developmental challenges.

“As you know, Nigeria has huge infrastructural deficits and experts have estimated that it requires a minimum of 10 billion dollars (about N1.5 trillion) inflow per annum to close its infrastructural deficits over the next 10 years.
“Government is finding ways of making sure that we maximise our internal revenue for the purpose of funding our various needs, including infrastructure.

“That is why you can see that there has been a lot of improvement over the last two years in revenue collections from various sources, including the Customs and the Federal Inland Revenue Service, among others,” he said.
The DMO boss, who noted that the nation’s debt profile was N6.3 trillion for domestic debt and 6.29 billion dollars for external debt, however, stressed that the debt profile was sustainable.

“There is nothing wrong in borrowing and incurring debts as long as the funds are judiciously and prudently used to finance projects that would be beneficial to the people, while measures are taken to reduce waste,” he added.
“Government is trying to ensure that we manage our internal revenue and also take measures to reduce waste.
“Nigeria public debt will continue to be sustainable but everything should be done to ensure that the government’s transformation programme is on course,” Nwankwo said.
The meeting was presided over by Vice-President Namadi Sambo.