The President, Major General Muhammadu Buhari (retd.), on Friday, said national debt rose from N39.6tn in December 2021 to N42.8tn in June 2022.

This was as he said the budget for the past year saw a deficit of N4.6tn, 63 per cent of the estimated deficit for the 2022 fiscal year.

Buhari revealed this while presenting the 2023 appropriation bill to a joint session of the National Assembly in Abuja.

Explaining further, he said the rising deficit was due to high debt servicing resulting from rising interest rates.

According to him, the Federal Government disbursed N1.48tn for recurrent expenditures for all its Ministries, Department and Agencies in the past year.

He argued that reducing government spending too drastically will be socially destabilising. Therefore, the regime is focused on increasing economic activity and by extension, revenue.

Source: https://punchng.com/National-debt-grew-by-N3.2tn-in-six-month-Buhari

See his head

Unconcerned

You have totally destroyed Nigeria.

Buhari has failed!

Comedy

This was my comment on this thread
https://www.nairaland.com/7365861/world-bank-china-here-nigerias#117271587

Most of you guys don't know how deep in debt this present govt have sinked us all in.

And one would think that all these humongous loans will reflect in the lives of ordinary citizens but instead inflation is bitting harder by the day.

Cost of goods and services keeps skyrocketing daily, meanwhile over the week CBN announced a new policy of %35 CRR with banks after increasing interest rates all in a bid to curb a poorly managed inflation. This means that banks now have to deposit 35% of their operating capital with CBN.

What it means is that loans will now be more costly to procure an service and interest rates will go higher and guess what, it's the consumer that will still bear the final brunt.

They are yet to tell us the benefits of the TSA they introduced in the onset of this administration and the 7% increase in the VAT that skyrocketed the prices of goods and services, plus the numerous taxies deductible from salaries of civil servants.

Buhari is showing second niger brigde and few train coaches that are old model and mind you that the so called second niger brigde that is being hyped has a TOLL GATE that will recover the cost of construction and those trains are not free, so I ask again what has this govt done for Nigeria that will justify these huge loans.

What happened to all the taxes and vat that this govt collected?

What happened to the excess revenue that customs and immigration has been boasting of generating?

What happened to our TSA?

What happened to our excess crude oil account?

I will tell you, it's our system of government, the high cost of maintenance of our elected leaders that's keeping this nation down and making the federal government to go on a borrowing spree!

Imagine borrowing #8.2trn and using more than 50% of the money to service debt.

This is why we need to vote for Peter Obi cos he will reduce the cost of governance.

Buhari is the best president of Nigeria

Clap for the nomad

If failure and disaster was a person.

Here's a maximum failure
Failure yesterday, failing woefully today,give him 16 more years in Power He will still fail maximumly.

Lobatan

How do we pay back the money?

But his bank balance grew.....

[img]https://giffiles./216/216380.gif[/img]

Oni gbese
Borrow and steal

The old man don live him life to the fullest at the expense of Nigeria

The only thing that improved during buhari's tenure is his health

I fear for the future of this country

Who would forgive our piling debts because it is obvious we cannot reply it anytime soon

People actually voted this thing twice to rule Nigeria!


What a monumental failure of epic proportions!

Funny enough the same man wey dey cause the debt increments be still the same man wey they announce the figures......
Worst again we will still borrow to fund next year budget!

Budget padding borrowing nko?

Wow, we should celebrate him for raising the national debt. Wonderful.
Who was it that said " nijariaa! From top to buttom"?

Incompetent cattle rearing mallam is reporting himself and his apparent lack of common sense and leadership knowledge.

May affliction not rise a third time!

This man is clearly insane

adenigga:


Source: https://punchng.com/National-debt-grew-by-N3.2tn-in-six-month-Buhari

1.48tn recurrent expenditure!
Na wa 4 Nigeria o.
High cost of governance....

Make elon musk help us pay make e be our president cause I no think we fit pay .

Mouth no shake as you dey talk am

adenigga:


Source: https://punchng.com/National-debt-grew-by-N3.2tn-in-six-month-Buhari

Yet some will still want to convince people to vote same set of people, smh I am tired of this kind of mentality some of us have.