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Okonjo-Iweala under pressure for rising debt

23 July 2013, 09:03Emeka Adebanji

Abuja  - The Minister of Finance came under heavy criticism after it emerged the country's debts were ballooning.

Analysts singled out Minister Ngozi Okonjo-Iweala for the spiralling debt.

On Monday, records from the Debt Management Office (DMO), showed that the country total debt as of June 30, external debt stood at $6.92bn (about N1.08tn).

Domestic debt stood at N6.85tn.

DMO Director-General, Abraham Nwankwo, said the Federal Government had over-borrowed from domestic sources.

A social commentator, Omoaka Raymond, blamed Okonjo-Iweala.

“The Finance Minister lacks the capacity to manage Nigeria Economy; she is just using her academic degree to deceive Nigerians,”he said.

A former member of the House of Representative and Executive Security of Anti-Corruption Network, Dino Melaye, said the policies the current administration were implementing, and spearheaded by the finance minister were futile.

"It is very unfortunate that this (rising debt) is the result of the transformation agenda of the present administration, being championed by the Finance Minister and coordinator of national economy, Ngozi Okonjo-Iweala," Melaye said.

- CAJ News


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