The director-general, who made this known at a three day retreat organized by the House of Representatives Committee on Aids, Loans and Debt Management held at Ada, Osun State, said the intervention of the Federal Government in the agricultural sector, especially in rice production and importation alone cost her as much as $3 billion annually.
Nwankwo remarked that increase in private sector borrowing and decrease in government borrowing are the panacea to the challenges of keeping the nation’s debt within sustainable level.
He argued that; “When private sector operators have more funds to run their businesses, jobs will be created and goods, hitherto being imported will then be produced locally, thereby saving the nation of foreign exchange.
“The Debt Management Office has been sensitising private sector operators about how to raise funds locally and from outside the country. We intend to do more also in that regards, sustaining efforts to open their eyes to opportunities of sourcing funds.
“The plan to end importation of rice in three years means the local production will be strengthened to cope with the demand locally and later produce for export and that is why the need for the government at all levels to encourage private sector borrowing for the development of some key sectors of the nation’s economy.
Nwankwo, who said the level of our debt is still sustainable, called for the cooperation of all stakeholders to ensure sustainability of the public debt profile.
In his contribution, Chairman, House Committee on Aid, Loans and Debt Management, Hon. Yinka Ajayi, said; “There are customised solutions the country can come up with in debt management that will teach the rest of the world better ways to manage public debt.
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