#GEJAchievements in Economy: Prudent Debt Management Part of - TopicsExpress

#GEJAchievements in Economy: Prudent Debt Management Part of our strategy for creating an enabling environment for the private sector is a prudent debt strategy, and this has now yielded one of Nigeria’s biggest advantages – a very low debt-to-GDP ratio. As a result, the country receives favourable credit ratings from international ratings agencies like Fitch, Standard & Poor’s, and Moody, unlike several other countries whose rising debts have led to their ratings being downgraded. Our favourable credit ratings have improved the nation’s investment appeal considerably, and we are now the top foreign investment destination in Africa with $7 billion in 2012 alone. Now we can borrow reasonably affordable loans (e.g. the Eurobond) to finance infrastructure. It has enabled the private sector to access international credit markets to raise long-term funds at low interest rates to finance infrastructure projects. Our administration supports a very prudent approach to debt. In the first instance, all borrowings, external and domestic, undertaken by the Federal Government have the prior approval of the National Assembly through the Medium-Term External Borrowing Programme and the annual Appropriation Acts in line with the provisions of the Constitution. There has not been any attempt whatsoever to hide the details of the country’s debt stock from Nigerians. Nigeria’s debt statistics are one of the most transparent in the world, and the Debt Management Office (DMO) was recently acknowledged by the UK’s Department for International Development (DfID) as one of the best in Africa. The DMO updates and publishes the public debt stock on a quarterly basis on its website (dmo.gov.ng) which is easily available and accessible. The DMO also produces its Annual Report and Statement of Account, which is published on the website and widely circulated in print to all relevant stakeholders, including the National Assembly. This Administration has worked hard to reduce borrowing. What borrowing there is externally is linked to projects and directly productive activities. Domestic borrowing on the other hand goes to finance budget deficit and we are working to curb this. #GEJAchievements Compare Nigeriab4GEJ

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