The Vice President, Yemi Osinbajo, on Saturday, October 27, said Nigeria’s debt was $73 billion, a $10 billion increase from $63 billion the present administration inherited in 2015.

He made the disclosure in Ibadan on Saturday during the 9th Public Lecture of Sigma Club at the International Conference Centre, University of Ibadan.

THE CLAIM

“In 2010 our debt was $35 billion, $41 billion in 2011, $48 billion in 2012, $64 billion in 2013, $67.7 billion in 2014, $63.8 billion in 2015, $57.8 billion in 2016, $70 billion in 2017 and $73 billion in 2018.

“The nation’s debt as at today was $73 billion, an increment of $10 billion from the $63 billion inherited in 2015,”

VERIFICATION OF CLAIM

To verify the claim, PREMIUM TIMES and Dubawa, used data from the Debt Management Office (DMO), the agency officially responsible for managing Nigeria’s debt.

According to the DMO, as at June 2015, the external debt of the Federal Government of Nigeria (FGN) and the 36 states was $10.316 billion; domestic debt (FGN only) was $42.633 billion while domestic debt of states was $10.856 billion. These give a total public debt of $63.806 billion as at June 2015.

Also, according to the same document from Debt Management Office, the total public debt as at June 2018 stood at $73.207 billion with breakdown as follows: federal government and the 36 states owed $22.083 billion, domestic debt (FGN Only) was $39.749 billion and total domestic debt of states and the FCT stood at $11.374 billion.

Further analysis of Nigeria’s debt also revealed that in 2012, Nigeria’s debt was $48.496 billion; in 2013, it was $64.509 billion; in 2014, it was $67.726 billion; in 2016, it stood at $57.391 billion; and as at December 31, 2017, the total debt was $70.999 Billion

These official figures tally with those quoted by the vice president who said “In 2010 our debt was $35 billion, $41 billion in 2011, $48 billion in 2012, $64 billion in 2013, $67.7 billion in 2014, $63.8 billion in 2015, $57.8 billion in 2016, $70 billion in 2017 and $73 billion in 2018.”

There was no available record on the website of the Debt Management Office for 2010 and 2011; so it is difficult to verify Mr Osinbajo’s debt figures for those two years.

However, going by available data on public debt from 2012 till date, the total debt of the country in 2015 was $63.806 billion while the current debt figure as at June 2018 stood at $73.207 billion. Both are same as the figures quoted by the vice president on Saturday.

Therefore, the claim by the vice president that the Buhari administration has increased the nation’s debt by $10 billion from $63 billion it inherited in 2015 is TRUE.

https://www.premiumtimesng.com/news/headlines/293012-fact-check-how-accurate-is-osinbajos-claim-on-nigerias-debt-profile.html

In Summary Jonathan Borrowed 30Billion Dollars in 5 years, when the crude oil sold for over 100 dollars, without anything to show for except the Map of 2Nd Niger Bridge( apologies to Saraki)?? While President Buhari only borrowed 10B dollars with massive infrastructure being constructed across the Country?

May thunder fire anybody trying to bring back the era of looting, backwardness, Cluelessness, sharing of our common patrimony and insecurity..

May God Bless Buhari Till 2023...

But he made it look like the PDp/GEJ federal government was responsible for the 63 billion inherited debts.I'm sure further analysis will show that most of the domestic debts are by the APC states especially the SW states.

overall90:
But he made it look like the PDp/GEJ federal government was responsible for the 63 billion inherited debts.I'm sure further analysis will show that most of the domestic debts are by the APC states especially the SW states.

And what are you trying to do...blame APC and yorubas?

Osibanji and APC is just using figures to confuse their fellow zombies.

Nigeria has always measured debt by external debt burden.

That has always been the focus because external debt put more strain on the economy.

From the report the op is quoting, Nigeria external debt was 10.316 billion dollars in 2015
In 2018 the external debt has more than doubled to 22.083 billion dollars


To hid the crazy external borrowing of the federal government under Buhari, they have also decided to lump the state external debts together with FG external debts.

They should simply tell us the FG external debt in 2015 and the FG external debt in 2018.

Lying liars

Atlanticfire:

To hid the crazy external borrowing of the federal government under Buhari, they have also decided to lump the state external debts together with FG external debts.

They should simply tell us the FG external debt in 2015 and the FG external debt in 2018.

Lying liars

You can do that since you know better

Why Nigerians will be making a big mistake by making 2019 voting decision base on current Hardship under PMB

Jonathan PDP Govt 2010 to 2014

Oil Revenue $381 billion dollars.

Debt increased by $29 billion (From $35bn to $64bn)

Reserves dropped by $6bn ($36bn to $30bn in May 2015)

There was increase in enjoyment due to promotion of consumption and free money.

Buhari APC govt 2015 to 2018.

Oil revenue $112billlion dollars.

Debt Increased by $10billion dollars ($63bn to $73bn)

Federal Reserves increased by $12billion dollars ($30bn in 2015 to about $42bn in 2018)

There is relative increase in hardship due to less free money, relatively less focus on consumption despite low revenue and some focus on capital expenditure.

As a neutral Observer
which of the two above is better in terms of fiscal reaponsibility?.

Main Source of data:

https://www.premiumtimesng.com/news/top-news/292875-nigerias-debt-only-increased-10-billion-since-buhari-assumed-office-osinbajo.html

https://tradingeconomics.com/nigeria/foreign-exchange-reserves


The cry of hardship has not been looked into Objectively.

A drop of oil Revenue from $381bn to $112bn cannot be replaced with magic.

Actually PMB govt has done well with the level of hardship we have today. With the drop in oil revenue shown above, I expected the hardship to be much more than it is today.

One of the reason the hardship is not much relative to drop in revenue is because alot of the money from oil boom during Jonathan era were spent abroad buying houses in dubai, US, Canada etc. Hence the hardship is less compared to the drop in oil revenue because a good portion of the money was not in Nigeria economy.

A drop from $381bn to $112bn is a drop of around $269bn . With our current Fed Govt budget of around $30bn( 9trillion Naira), that drop is equivalent to about 9 years of federal govt Budget.

For those who like comparing with Obj govt.

The govt of IBB, Abacha and Abdusalam from 1990 to 1998 only earn $120bn dollar from oil

Obj/Yar adua from 1999 to 2009 earned $481bn due to higher oil production and increasing price. Nigeria just started deep water oil production during Obj. Hence increased volume of oil export. Currently many of those oil fields( Akpo, Usan, Agbami, Bonga) are producing 50% of thier initial capacity. During Obj most foreign sanction impose in Nigeria by US, UN and EU because of Abacha millitary govt were removed. Higher oil revenue and Sanction relief created the economic improvement under Obj.

And again Nigeria population has almost doubled. From 120million in 1999 to about 200million today with declining resources (oil).

Ngozi Nkonjo Iweala understood how Nigeria economy solely depend on oil price. That was why during Q3 2014 when oil price drop from 100 dollar to 70 dollars, she was already warning us to prepare for recession in 2015. She was already borrowing to pay salary in Q4 2014. During Buhari govt, oil price dropped as much as 28dollars per barrel at its worst though averaged 40 dollars with reduced oil production.

We need aggressive diversification of the economy.

Atlanticfire:
Osibanji and APC is just using figures to confuse their fellow zombies.

Nigeria has always measured debt by external debt burden.

That has always been the focus because external debt put more strain on the economy.

From the report the op is quoting, Nigeria external debt was 10.316 billion dollars in 2015
In 2018 the external debt has more than doubled to 22.083 billion dollars


To hid the crazy external borrowing of the federal government under Buhari, they have also decided to lump the state external debts together with FG external debts.

They should simply tell us the FG external debt in 2015 and the FG external debt in 2018.

Lying liars

Must you defend lies and tales? Can't you for once hide your face? At least accept this fact, the Premium time has exposed many illegalities in this country and they are not stopping, why can't you accept this fact?

life2017:

Why Nigerians will be making a big mistake by making 2019 voting decision base on current Hardship under PMB

Jonathan PDP Govt 2010 to 2014

Oil Revenue $381 billion dollars.

Debt increased by $29 billion (From $35bn to $64bn)

Reserves dropped by $6bn ($36bn to $30bn in May 2015)

There was increase in enjoyment due to promotion of consumption and free money.

Buhari APC govt 2015 to 2018.

Oil revenue $112billlion dollars.

Debt Increased by $10billion dollars ($63bn to $73bn)

Federal Reserves increased by $12billion dollars ($30bn in 2015 to about $42bn in 2018)

There is relative increase in hardship due to less free money, relatively less focus on consumption despite low revenue and some focus on capital expenditure.

As a neutral Observer
which of the two above is better in terms of fiscal reaponsibility?.

Main Source of data:

https://www.premiumtimesng.com/news/top-news/292875-nigerias-debt-only-increased-10-billion-since-buhari-assumed-office-osinbajo.html

https://tradingeconomics.com/nigeria/foreign-exchange-reserves


The cry of hardship has not been looked into Objectively.

A drop of oil Revenue from $381bn to $112bn cannot be replaced with magic.

Actually PMB govt has done well with the level of hardship we have today. With the drop in oil revenue shown above, I expected the hardship to be much more than it is today.

One of the reason the hardship is not much relative to drop in revenue is because alot of the money from oil boom during Jonathan era were spent abroad buying houses in dubai, US, Canada etc. Hence the hardship is less compared to the drop in oil revenue because a good portion of the money was not in Nigeria economy.

A drop from $381bn to $112bn is a drop of around $269bn . With our current Fed Govt budget of around $30bn( 9trillion Naira), that drop is equivalent to about 9 years of federal govt Budget.

For those who like comparing with Obj govt.

The govt of IBB, Abacha and Abdusalam from 1990 to 1998 only earn $120bn dollar from oil

Obj/Yar adua from 1999 to 2009 earned $481bn due to higher oil production and increasing price. Nigeria just started deep water oil production during Obj. Hence increased volume of oil export. Currently many of those oil fields( Akpo, Usan, Agbami, Bonga) are producing 50% of thier initial capacity. During Obj most foreign sanction impose in Nigeria by US, UN and EU because of Abacha millitary govt were removed. Higher oil revenue and Sanction relief created the economic improvement under Obj.

And again Nigeria population has almost doubled. From 120million in 1999 to about 200million today with declining resources (oil).

Ngozi Nkonjo Iweala understood how Nigeria economy solely depend on oil price. That was why during Q3 2014 when oil price drop from 100 dollar to 70 dollars, she was already warning us to prepare for recession in 2015. She was already borrowing to pay salary in Q4 2014. During Buhari govt, oil price dropped as much as 28dollars per barrel at its worst though averaged 40 dollars with reduced oil production.

We need aggressive diversification of the economy.

Thank you sirA lot of my friends and I have decided not to vote for Buhari but with the facts coming out in recent times and your analysis,we are lately reconsidering to vote for him.I think he means well for Nigeria more than the PDP people but Buhari reeks of nepotism of the highest order just like Jonathan.Obasanjo was really different from these two 'nepotists'.
And pls,tell bubu to stop the killings.There had been too many killings since the advent of democracy.

mercyville:


Thank you sirA lot of my friends and I have decided not to vote for Buhari but with the facts coming out in recent times and your analysis,we are lately reconsidering to vote for him.I think he means well for Nigeria more than the PDP people but Buhari reeks of nepotism of the highest order just like Jonathan.Obasanjo was really different from these two 'nepotists'.
And pls,tell bubu to stop the killings.There had been too many killings since the advent of democracy.

How market now? One year later

life2017:

Why Nigerians will be making a big mistake by making 2019 voting decision base on current Hardship under PMB

Jonathan PDP Govt 2010 to 2014

Oil Revenue $381 billion dollars.

Debt increased by $29 billion (From $35bn to $64bn)

Reserves dropped by $6bn ($36bn to $30bn in May 2015)

There was increase in enjoyment due to promotion of consumption and free money.

Buhari APC govt 2015 to 2018.

Oil revenue $112billlion dollars.

Debt Increased by $10billion dollars ($63bn to $73bn)

Federal Reserves increased by $12billion dollars ($30bn in 2015 to about $42bn in 2018)

There is relative increase in hardship due to less free money, relatively less focus on consumption despite low revenue and some focus on capital expenditure.

As a neutral Observer
which of the two above is better in terms of fiscal reaponsibility?.

Main Source of data:

https://www.premiumtimesng.com/news/top-news/292875-nigerias-debt-only-increased-10-billion-since-buhari-assumed-office-osinbajo.html

https://tradingeconomics.com/nigeria/foreign-exchange-reserves


The cry of hardship has not been looked into Objectively.

A drop of oil Revenue from $381bn to $112bn cannot be replaced with magic.

Actually PMB govt has done well with the level of hardship we have today. With the drop in oil revenue shown above, I expected the hardship to be much more than it is today.

One of the reason the hardship is not much relative to drop in revenue is because alot of the money from oil boom during Jonathan era were spent abroad buying houses in dubai, US, Canada etc. Hence the hardship is less compared to the drop in oil revenue because a good portion of the money was not in Nigeria economy.

A drop from $381bn to $112bn is a drop of around $269bn . With our current Fed Govt budget of around $30bn( 9trillion Naira), that drop is equivalent to about 9 years of federal govt Budget.

For those who like comparing with Obj govt.

The govt of IBB, Abacha and Abdusalam from 1990 to 1998 only earn $120bn dollar from oil

Obj/Yar adua from 1999 to 2009 earned $481bn due to higher oil production and increasing price. Nigeria just started deep water oil production during Obj. Hence increased volume of oil export. Currently many of those oil fields( Akpo, Usan, Agbami, Bonga) are producing 50% of thier initial capacity. During Obj most foreign sanction impose in Nigeria by US, UN and EU because of Abacha millitary govt were removed. Higher oil revenue and Sanction relief created the economic improvement under Obj.

And again Nigeria population has almost doubled. From 120million in 1999 to about 200million today with declining resources (oil).

Ngozi Nkonjo Iweala understood how Nigeria economy solely depend on oil price. That was why during Q3 2014 when oil price drop from 100 dollar to 70 dollars, she was already warning us to prepare for recession in 2015. She was already borrowing to pay salary in Q4 2014. During Buhari govt, oil price dropped as much as 28dollars per barrel at its worst though averaged 40 dollars with reduced oil production.

We need aggressive diversification of the economy.

Kindly post a link where okonjo-iweala said Nigeria is heading for recession in 2014

Bliv apc govt at ur own peril all this figures justification to further borrow more money and loot it again

overall90:
But he made it look like the PDp/GEJ federal government was responsible for the 63 billion inherited debts.I'm sure further analysis will show that most of the domestic debts are by the APC states especially the SW states.

uneducated man, FG debt alone is $73billion while National Debt comprising state and fg is 28trillion and your erossion governors borrow without road or anything, Ikpeazu kerosene even borrowed bail out fund from FG buhari and still didnt pay salaries or fix road

This is what Goatluck Jonathan and the puff-puff cheeked world bank fraudster Ngozi Iwealla did to Nigeria

Agboriotejoye:

How market now? One year later

I was very worried about the killings but we are really giving thanks to God in recent times.I think the border closure has improved the security situation positively.


Remove his nepotistic tendencies,I think we are still going to pray for Buhari when he leaves office because of the infrastructures he is building all over Nigeria now especially the trains.


Corruption has been greatly imbedded in the Nigerian system over a long period of time and it really affected his government greatly especially in the first term.President Buhari is one person I trust to borrow money and use it for what it is meant for,this is why I want to support him in borrowing the 30 billion dollars.

I am giving him a fair mark.

mercyville:


I was very worried about the killings but we are really giving thanks to God in recent times.I think the border closure has improved the security situation positively.


Remove his nepotistic tendencies,I think we are still going to pray for Buhari when he leaves office because of the infrastructures he is building all over Nigeria now especially the trains.


Corruption has been greatly imbedded in the Nigerian system over a long period of time and it really affected his government greatly especially in the first term.President Buhari is one person I trust to borrow money and use it for what it is meant for,this is why I want to support him in borrowing the 30 billion dollars.

I am giving him a fair mark.

Your assessment is faulty. If he couldn't complete Lagos-ibadan rail which is the only rail project he started throughout his first term, how has he fared better than others. The $322m Abacha loot is largely unaccounted for. It was frittered away to the poor supposedly. The $300m ICT infrastructure loan is not felt as our national TV is still not digital neither do we have broadband access throughout Nigeria, one of the reasons we can't do e-voting.
Nepotism breeds indiscipline and corruption. A bigot cannot stay away from corruption of his cronies

itsme01:



uneducated man, FG debt alone is $73billion while National Debt comprising state and fg is 28trillion and your erossion governors borrow without road or anything, Ikpeazu kerosene even borrowed bail out fund from FG buhari and still didnt pay salaries or fix road

You need to read the op again slowly before you start calling ppl names. Your jumbling up of 28trn($/N?) and $73bn is half-witted at best

Agboriotejoye:

Your assessment is faulty. If he couldn't complete Lagos-ibadan rail which is the only rail project he started throughout his first term, how has he fared better than others. The $322m Abacha loot is largely unaccounted for. It was frittered away to the poor supposedly. The $300m ICT infrastructure loan is not felt as our national TV is still not digital neither do we have broadband access throughout Nigeria, one of the reasons we can't do e-voting.
Nepotism breeds indiscipline and corruption. A bigot cannot stay away from corruption of his cronies

You are using your partisan spectacle to look at my assessment.I did not vote for Buhari or Atiku,even as I had trust in Buhari because of his integrity.
I am a spiritual person and I think what greatly affected Buhari's performance in the first term was partly his beef with Tinubu.I do not want to say more than this.Buhari, as much as I like him (and also hate him for his nepotism) is somebody that is not so lucky but a God fearing man when compared to our numerous leaders.
He needs somebody whom God has given a large portion of luck like Tinubu for people to know that he is a good leader.I believe this second term is going to be fruitful.
The economy is breathing positively too..

Atlanticfire:
Osibanji and APC is just using figures to confuse their fellow zombies.

Nigeria has always measured debt by external debt burden.

That has always been the focus because external debt put more strain on the economy.

From the report the op is quoting, Nigeria external debt was 10.316 billion dollars in 2015
In 2018 the external debt has more than doubled to 22.083 billion dollars


To hid the crazy external borrowing of the federal government under Buhari, they have also decided to lump the state external debts together with FG external debts.

They should simply tell us the FG external debt in 2015 and the FG external debt in 2018.

Lying liars

When you are presented with facts and figure. You still believe in lies from Atiku and PDP.

PDP really did more harms than good to una sense of reasoning

Agboriotejoye:

Your assessment is faulty. If he couldn't complete Lagos-ibadan rail which is the only rail project he started throughout his first term, how has he fared better than others. The $322m Abacha loot is largely unaccounted for. It was frittered away to the poor supposedly. The $300m ICT infrastructure loan is not felt as our national TV is still not digital neither do we have broadband access throughout Nigeria, one of the reasons we can't do e-voting.
Nepotism breeds indiscipline and corruption. A bigot cannot stay away from corruption of his cronies

And which rail did PDP complete while in office for 16years?
Pathetic wailer

Afamed:

And which rail did PDP complete while in office for 16years?
Pathetic wailer

Whatever. The facts still remains he has not fared better. At least PDP were visionary enough to draw up a 25 year masterplan for rail rescucitation when they took over the comatose rail sector. Kindly share a masterplan APC has come up with concerning any sector.
Lagos that has always been under APC has not been able to complete the Lagos light rail from badagry in 20yrs

mercyville:


You are using your partisan spectacle to look at my assessment.I did not vote for Buhari or Atiku,even as I had trust in Buhari because of his integrity.
I am a spiritual person and I think what greatly affected Buhari's performance in the first term was partly his beef with Tinubu.I do not want to say more than this.Buhari, as much as I like him (and also hate him for his nepotism) is somebody that is not so lucky but a God fearing man when compared to our numerous leaders.
He needs somebody whom God has given a large portion of luck like Tinubu for people to know that he is a good leader.I believe this second term is going to be fruitful.
The economy is breathing positively too..

I'm not partisan. A growth of 1.94 is nothing to celebrate pls. It's more or less a stagnation. If buhari was not enlightened enough to know that he needed tinubu who played no small part in getting him to the post, how then is he God-fearing. Has that changed in his second term?

Agboriotejoye:

I'm not partisan. A growth of 1.94 is nothing to celebrate pls. It's more or less a stagnation. If buhari was not enlightened enough to know that he needed tinubu who played no small part in getting him to the post, how then is he God-fearing. Has that changed in his second term?

Nobody is God fearing100% but finance-wise,he is God fearing especially when it comes to the story of Nigerian leaders.


On the economy. This is what I think you will make your comment on.It is a little promising and it will get better..



. ... On a quarterly basis, the economy advanced 9.5 percent, higher than a 2.9 percent growth in the previous quarter.

mercyville:


Nobody is God fearing100% but finance-wise,he is God fearing especially when it comes to the story of Nigerian leaders.


On the economy. This is what I think you will make your comment on.It is a little promising and it will get better..



. ... On a quarterly basis, the economy advanced 9.5 percent, higher than a 2.9 percent growth in the previous quarter.

I need you to be aware that apart from Abacha, IBB and maybe Abubakar, no Nigerian leader has ever been accused of directly pilfering our money away. Not even the much maligned GEJ. What most of them do is cronyism which ultimately breeds the corruption and impunity. That's why I'm asking you how he's different

That ur last line... Are you still talking about Nigeria? Cause I'll be glad if you can provide link to dat info o

Agboriotejoye:

I need you to be aware that apart from Abacha, IBB and maybe Abubakar, no Nigerian leader has ever been accused of directly pilfering our money away. Not even the much maligned GEJ. What most of them do is cronyism which ultimately breeds the corruption and impunity. That's why I'm asking you how he's different

That ur last line... Are you still talking about Nigeria? Cause I'll be glad if you can provide link to dat info o

.If our past leaders had built infrastructures the way Buhari is doing,we won't be in this mess.

https://tradingeconomics.com/nigeria/gdp-growth-annual


.This is the very recent one..

Agboriotejoye:

Whatever. The facts still remains he has not fared better. At least PDP were visionary enough to draw up a 25 year masterplan for rail rescucitation when they took over the comatose rail sector. Kindly share a masterplan APC has come up with concerning any sector.
Lagos that has always been under APC has not been able to complete the Lagos light rail from badagry in 20yrs

I will take you serious, if you come further with facts and figures. How much did PDP earn while in power for 16 years, and how much has Apc earned from crude sales in the last 5 years.
Let take it up from there.
I don't just argue with empty upstairs.

Its dubious lumping FG and states debt together.

Afamed:

I will take you serious, if you come further with facts and figures. How much did PDP earn as while in power for 16 years, and how much has Apc earned from crude sales in the last 5 years.
Let take it up from there

Don't be narrow bro. Earnings for govt don't only come from crude. Besides, if you're going to use dat, it'll also interest you that this is govt is the biggest borrower since 1999 and also they have also enjoyed relative peace in Niger delta when compared to Yar'adua and OBJ regimes.
Look at the rail for example, it's being done with loans which means paying back will surely outlast Buhari's admin. But I'm sure you'll want us all to credit the admin for the rails. So it's not just abt earning and spending crude oil money. Hope you can understand me.

Agboriotejoye:

Don't be narrow bro. Earnings for govt don't only come from crude. Besides, if you're going to use dat, it'll also interest you that this is govt is the biggest borrower since 1999 and also they have also enjoyed relative peace in Niger delta when compared to Yar'adua and OBJ regimes.
Look at the rail for example, it's being done with loans which means paying back will surely outlast Buhari's admin. But I'm sure you'll want us all to credit the admin for the rails. So it's not just abt earning and spending crude oil money. Hope you can understand me.

When crude oil contributed over 90% of our national earning as at 2015? Practically you are a lay man to argue with, if you don't know Nigeria survives mainly on oil earning

You guys still got 3 years to go What is the assurance that it won't get to 70 billion dollar


Nigeria government are just so funny Sha