The Debt Management Office has announced the country’s debt profile has risen to N16.29tn.
The DMO’s statistics on Tuesday showed that the country’s total debt liability had risen to N16.29tn as of June 30, 2016. As of June 2015, the country’s total debt stood at N12.12tn.
This means that within the one-year period (July 2015 to June 2016), the country’s total debt rose by N4.17tn, or 34.41 per cent.
The President of the Senate, Bukola Saraki, on Tuesday itemised measures he said the Executive must take to take Nigeria out of recession.
The measures include the partial sale of the Nigeria LNG Limited and the reduction of government shares in upstream oil joint venture operations.
The senate president also recommended the sale of government’s stakes in financial institutions like the Africa Finance Corporation and the privatisation and concession of major/regional airports and refineries to private operators.
Gana argued that it would be unwise for the Federal Government to dispose of its crown jewels that were generating revenues that keep the Federation Account healthy over the long-term.
He said since the assets were generating revenues, the government could borrow from the IMF and amortise the loan with revenues emanating from the assets.
Gana also counselled that instead of selling off vital assets generating funds for the federation, wealthy Nigerians should be encouraged to set up their own liquefied natural gas projects since was blessed with abundant natural gas reserves.