RECENTLY, President Muhammadu Buhari stirred heated reactions from Nigerians when he tabled a fresh request for the approval of another set of loans before the Senate.
The Nigerian leader sought approval from the National Assembly to borrow $4,054,476,863.00, €710 million and a grant of $125 million.
Many Nigerians are against the borrowing spree of the current administration as it seeks to provide more infrastructure amid dwindling revenue.
Nigeria’s public debt has been on the rise. As of March 2021, Nigeria’s total public debt has hit N33.1 trillion ($87.24 billion); an accumulation of borrowings from successive governments.
It was recently that despite securing debt relief during the Olusegun Obasanjo-led administration, successive governments have continued on a borrowing spree.
The newspaper stated that the federal government’s component of the public debt surged 658% to N26.9 trillion in the last 21 years.
Citing data from the Debt Management Office (DMO), the report stated that federal government borrowings (local and foreign debt) climbed from N3.55 trillion in 1999 to N26.91 trillion at the end of March 2021 (the country’s latest official figure).
Since 1999 when Nigeria returned to democracy, Nigeria has had four presidents, Olusegun Obasanjo, Umaru Yar’Adua, Goodluck Jonathan and Muhammadu Buhari.
This report looks at the loans taken under the four administrations.
1. Ex-President Obasanjo
External debt: Reduction from $28.04 billion in 1999 to $2.11 billion in 2007.
Domestic debt: Increase from N798 billion to N2.17 trillion
FG’s debt: Reduction from N3.55 trillion in 1999 to N2.42 trillion in 2007
FG’s local and foreign debt level: 31.8% reduction
