The Director-General, Debt Management Office (DMO), Dr Abraham Nwankwo, over the weekend said that Nigeria’s debt as at September, 2013 amounted to $8,264.34 billion, underscoring the need for government at all levels to encourage private sector borrowing for the development of some key sectors of the nation’s economy.

He stated that the $8,264.34billion debt was 22 per cent of the total Gross Domestic Product (GDP), which he said, was still sustainable, stressing that it was imperative on the part of all stakeholders to ensure sustainability of the public debt profile of the country.

Dr Nwakwo, who spoke at a three-day retreat organised by the House of Representatives Committee on Aids, Loans and Debt Management, held at Ada, Osun State, observed that increase in private sector borrowing and decrease in government borrowing were the panacea to the challenges of maintaining the nation’s debt within sustainable level.

According to him, “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.”

While disclosing that the Federal Government intervention in the agricultural sector, especially in rice production gulped as much as $3 billion annually, Dr Nwakwo asserted that “the plan to end importation of rice in three years meant the local production would be strenghtened to cope for the demand locally and later produce for export.

“But those that will produce this commodity will need more money. If more funds are available to these private sector operators, production will increase and this would encourage them to source more funds both locally and from foreign sources.”
http://www.tribune.com.ng/news2013/index.php/en/news/news-headlines/item/27641-nigeria%E2%80%99s-debt-now-$8-2bn,-says-dmo-%E2%80%A2states-collected-n1-3trn-as-igr-in-3-yrs.html

The fact that the 36 states collectively generated an average of over $2bn a year is not too impressive.

He stated that the $8,264.34billion debt was 22 per cent of the total Gross Domestic Product (GDP), which he said, was still sustainable, stressing that it was imperative on the part of all stakeholders to ensure sustainability of the public debt profile of the country.

This is incorrect, Nigeria's GDP isn't $37.56billion, I'm assuming that's a typo that needs to be corrected.

Secondly, considering the new govt stand on reversing the high import tariff on importation, I don't see local production being sustainable in the long run.

Finally, if these debt figures were to be true, I think Nigeria hasn't done bad at all considering all deterring factors working against us.

^^^
You have a point there. I think the threshold of the debt to GDP ratio is 40%. The total national (federal and state) debt is only 22%, but it should ideally be lowered, so that the country may not be plunged into another huge debt burden.

Interesting.