The deputy secretary-general of the United Nation, Amina Mohammed has said that former minister of finance, Ngozi okonjo-Iweala, brought Nigeria out of debt but that the country seems to be back in it now.
The Cable reports that the former minister spoke at the International Monetary Fund and UN working together conversation on Tuesday, September 12.
Mohammed expressed worry over Nigeria’s and Africa's rising debt. She insisted that the IMF and UN have a better conversation to help growing economies.
She said: “Public resources are always going to be important, and so is ODA and the private sector. But I think we still haven’t yet got quite the solution and I hope that the work that we do together will open up that space to think more on how to leverage that.
“As I was coming up from New York, some of the concerns that came up from the meeting we had in China just recently and reports that we have; the debt issues are really big, I mean, having experienced what it was for Ngozi (Okonjo-Iweala) to get debt relief.
“It took her a few years to convince people, and we are now back again in my country, with a level of debt that is worrying, but its happening all over. Africa, is that the way we want to go?
“I think we really need to sit down and have a better conversation about all the asks of a growing economy; that needs to be inclusive, it needs to succeed, because stability is needed more than ever today, across our countries and where we are working.”
She agreed with Christine Lagarde, the managing director of the IMF that Okonjo-Iweala was very influential in the debt relief Nigeria secured in 2006.
Meanwhile, the federal government through the Debt Management Office (DMO) has explained that Nigeria borrowed from China in order to take advantage of a cheaper source of finance.
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The DMO in a statement sent to the Punch newspaper on Tuesday, September 11, stated that the government also took loans from China in order to diversify the sources of borrowed funds.
The agency dismissed insinuations that China could take over the economy of Nigeria if it fails to repay the borrowed funds, noting that the possibility of failure to repay did not exist.
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