The borrowing spree of the Buhari
Government due to poor or absent
economic and financial management,
every Nigerian ( minus Buhari's family
members ), now owe creditors close to
200k each.

As it is clear that most of us alive today
will pass before these loans are offset,
it is obvious that our children and grandchildren will bear the burden of
the worst government in the history of
this country.

With the increase in Common Entrance
WAEC, JAMB and University admission
fees, the youth are already beginning to
pay..

When you divide our total loans by our
population, you arrive at the money owed by every member of this country.


ECONOMY
Debt Servicing Gulps 98% of Nigerian Govt Retained Revenue in 2021, as Salaries, Others are Funded with Loans Friday, January 07, 2022 at 1:53 PM by Dave Ibemere :

⏩Debts collected over the years by the present administration and the previous are causing serious fiscal headache From January to November 2021, 97.5 percent of Nigerian government's revenue was spent on servicing old debts With just a little over 5 percent revenue left, Nigerian government was forced to reply on the N4.3 trillion loan to cover other expenditures .
In the first nine months of 2021, Nigeria spent N4.2 trillion paying its debt. The Minister for Finance, Zainab Ahmed disclosed this during a public presentation of the 2022 FGN approved budget on Wednesday, 5 January 2021. According to data from the presentation, the federal government retained revenue was N4.30 trillion, 30.6% short of the N6.20 trillion proposed target. Breakdown of the retained earnings shows oil generated N970 billion, while non-oil tax revenues totalled N1.62 trillion. Snapshot of what Nigerian government earned in the first nine months of 2021 Credit:
⏩For non-oil revenue, N718.58 billion was made from Companies Income Tax (CIT) and N360.56 billion from Value Added Tax (VAT) collections respectively. Custom revenues amounted to N360.56 billion, while federation account levies made 38.36 billion. Other revenues collected can be seen from the chart above. Debt service By implication, going by the 4.2 trillion debt serviced, which is 97.5 percent of the retained revenue (N4.30tn), for every N100 earned, the FG spends N98 in servicing debt. Snapshot what Nigerian government spent in the first nine months of 2021 Credit: Budgetoffice: More debts in 2022 During the presentation, the Minister of Finance offered little hope Nigeria is ending this fiscal storm anytime soon as government plans to borrow more in 2022. A session of the presentation showed N6.68trillion was borrowed in the first nine months of 2021, N1.65 billion higher than the initial N5.03 trillion planned earlier in the year.

While Nigeria is expected to have an overall budget deficit of N6.39tn for 2022. This will be financed by borrowings. Ahmed revealed that the borrowing will come from domestic and foreign sources (N2.57tn) respectively, while Multi-lateral /bi-lateral loan drawdowns of N1.16tn and Privatisation Proceeds N90.7bn will also be use to cover the deficits.

Expert speaks :
When contacted, an economist Kunle Lawal explained that the problem, however, with Nigeria’s borrowing is the piling interest rates which could make Nigeria’s debt even more expensive. According to him, there is a long held agreed economic theory, which states that rising debt as a share of the economy would drive up the amount of money governments must pay in interest to borrowers. Hence, in Nigeria’s quest to offset debts, she would have to borrow even more. Lawal further listed the problems of government borrowing as higher debt interest payments, a need to raise taxes, and, sometimes, inflationary pressures (printing more money). Nigeria spends N977bn on debt servicing in one month, says CBN .

Meanwhile, the Debt Management Office (DMO) has announced Nigeria's overall public debt has risen to N38 trillion as of September 30, 2021.

"" minus buhari's family members"". ;

President Buhari and other African leaders should start negotiating debt forgiveness.
Develop your collective CBDC and pay your debts in one currency it automatically becomes legal tender.
Any better idea on solutions?

So?
Every American owes over 35m equivalent.

Each Ghanaian owes far more than 190k

Thank God the borrow is showing result.
Let do this calculation:
If I am owing 190,000 because of 8years of Buhari then I am supposed to be given 380,000 for the 16 years of PDP.
Now PDP must give every Nigerian 380,000 thousand before they can contest.

Sunday2021:
Thank God the borrow is showing result.
Let do this calculation:
If I am owing 190,000 because of 8years of Buhari then I am supposed to be given 380,000 for the 16 years of PDP.
Now PDP must give every Nigerian 380,000 thousand before they can contest.

Nigeria wasn't owing anybody until
GEJ came & accumulated 12trn.

Buhari was determined to Break GEJs
record & borrowed 26trn❗️❗️

adecz:



Nigeria wasn't owing anybody until
GEJ came & accumulated 12trn.

Buhari was determined to Break GEJs
record & borrowed 26trn❗️❗️

Yes Gej is in APC. abi?

i wan pay my own back. Make una post acc details here