Pension/Salary Arrears: N740bn

Oil Subsidy Debt: N350bn

Paris Club Overdeductions: $5.4bn

JV CashCall Arrears: $6.8bn

Contractor Debt/EEG Debt: N1.9 Trn

Refunds to States for Roads: N488bn

Total: 7 TRILLION Naira

You can’t understand where we are today without understanding where we’re coming from. At least 7 TRILLION Naira in unpaid debts/liabilities, accumulated between 1999-2015, inherited by Buhari Administration.

All now being paid/settled. Even amidst relatively-low oil prices.

Look at Salaries/Pensions arrears. Examples abound: Nigerian Airways staff laid off 2003/4,unpaid until 2018. Delta Steel Co, Ex-Biafra Police Officers (pardoned since 2000)

Look at Paris Club Overdeductions. The monies in question date back to the period between 1995 and 2002. (FG over-deducted money from States for repayment of Paris Club debt)

In 2016 PMB directed that the claims of over-deduction be formally reconciled by the DMO.

Note:

EEG is Export Expansion Grant

Road Refunds to States are for Federal Roads repaired by States in expectation of reimbursements by FG

JV Cash Calls are Joint Venture Cash Calls owed to International Oil Companies (IOCs) over the years

All entered Voicemail until PMB/PYO