Buhari and his corulers increase Nigeria’s debt to N21trillion in 5 years

President Buhari led administration has reportedly increased Nigeria’s debt to N21 million in just 5 years.

According to some figures released by the Debt Management Office (DMO), President Buhari and his corulers increased Nigeria’s debt burden to 33.1 trillion naira in less than six years.

DMO has it that between July 2015 and December 2020, the country’s local and external debt increased by approximately 21 trillion naira.

Related: Important lessons Nigerian leaders can learn from Governor Makinde.

Before Buhari assumed leadership position as President on on May 29, 2015, Nigeria’s total debt was about N12.12 trillion.

However, by December 31, 2020, Nigeria has already incurred about N32.915 trillion debt. A statistical breakdown shows the debt rose from N12.6 in 2015 to N17.4 trillion in 2016, then N21.7 trillion in 2017, N24.4 trillion in 2018, N27.1 in 2019 and finally N32.915 trillion as at December 31 last year.

A statement issued on the DMO’s website dated June 9 read,

“The Debt Management Office has released Nigeria’s Public Debt Stock as at March 31, 2021. The Total Public Debt Stock which comprises of the Debt Stock of the Federal Government of Nigeria, thirty-six State Governments and the Federal Capital Territory stood at N33.107 trillion or USD87.239 billion.

“The Debt Stock also includes Promissory Notes in the sum of N940.220 billion issued to settle the inherited arrears of the FGN to State Governments, Oil Marketing Companies, Exporters and Local Contractors. Compared to the Total Public Debt Stock of N32.916 trillion as of December 31, 2020, the increase in the Debt Stock was marginal at 0.58%.

“Further analysis of the Public Debt Stock, shows that the increase was in the Domestic Debt Stock which grew by 2.11% from N20.21 trillion in December 2020 to N20.637 trillion as at March 31, 2021.

“The FGN’s share of the Domestic Debt includes FGN Bonds, Sukuk and Green Bonds used to finance infrastructure and other capital projects as well as the N940.220 billion Promissory Notes.

“External Debt Stock declined from USD33.348 billion as of December 31, 2020, to USD32.86 billion due to the redemption by Nigeria of the USD500 million Eurobond in January 2021.”

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