The Vice President was right when he stated that Nigerian Debt as of today stands at $73 Billion, inheriting $63 Billion from previous administration and partly right when he said they borrowed only $10 Billion in 3 years.

But what he failed to do was to decompose that $73 Billion debt profile and luckily that is what I am going to do here.

According to Debt Management Office data, the Foreign Debt of Nigeria stands at $22.083 Billion which is equivalent to 6.8 Trillion Naira.

This $22.083 Billion were incurred by both the FG, 36 States and FCT combined.

But when decomposed, the FG external debt stands at $17.8 Billion while the 36 States and FCT incurred $4.28 Billion. Source

So out of this $17.8 Billion, APC borrowed $7.5 Billion from China, borrowed another $328 Million from China to finance the telecom industry.

The FG also borrowed $3 Billion to service maturing debt and are also currently planning to borrow $4.4 Billion for the 2018 budget.

When you deduct Buhari's external borrowing from our external debt of $17.8 Billion, then it means Jonathan external debt was about $7 Billion.

But this is one thing the Vice President failed to tell Nigerians.

Again, the external debt of the States and FCT stands at $4.28, out of which Lagos contributed $1.45 Billion, followed by another APC State Edo at $279 Million and Kaduna at 3rd with $239.3 Million then Bauchi at 4th with $134.9 Million, while the other top 10 APC states owes a total of $750.34 Million. Source: Premium Times

This means that 14 out of over 20 APC States are responsibly for $2.863 Billion of the $4.28 Billion owed by the 36 States and FCT.

Again, the Vice President failed to tell Nigerians that 14 APC states out of the 36 States and FCT are responsible for 66.89% of the external debts incurred by the 36 States and FCT.

At the domestice scene, out of the $51.1 Billion owed, FG is responsible for $39.7 Billion while the States and FCT incurred $11.4 Billion.

Lagos as usual is the highest borower and is responsible for 14.88% of that $11.4 Billion while Anambra is responsible for 0.08%.

The Vice President as usual failed to tell Nigerians this.

The FG didn't incur its share of the domestic debt through direct borrowing. The reason for this clarification is so that some people won't erroneous think that Buhari's share of that domestic debt is part of the $10 Billion the Vice President said they borrowed, even though they borrowed more than that.

So FG's domestic debts were incurred through FGN Bonds which accounts for 73.4% and Treasury Bills 24.3%. See Source Here

So in conclusion, Buhari and APC have borrowed more than Jonathan and PDP.

Giving incomplete information to launder their image wouldn't help them at the polls.

Nigerians are Wiser now!

At the domestice scene, out of the $51.1 Billion owed, FG is responsible for $39.7 Billion while the States and FCT incurred $11.4 Billion.

When was this incurred?

rusher14:
At the domestice scene, out of the $51.1 Billion owed, FG is responsible for $39.7 Billion while the States and FCT incurred $11.4 Billion.

When was this incurred?

That is Nigerian's total domestic debt. Nigeria has been borrowing domestically since ages and we are also aware Buhari has issued FGN Bond.

From what the op is saying, the Federal government's component of the external debt was about 7 billion dollars and it is currently 17 billion implying an increase of about 142% in 3 years. This explains why the international banks are warning us about our debt levels.

IamAtikulate:

That is Nigerian's total domestic debt. Nigeria has been borrowing domestically since ages and we are also aware Buhari has issued FGN Bond.

I did not ask what it was.

I asked when .

trillville:
From what the op is saying, the Federal government's component of the external debt was about 7 billion dollars and it is currently 17 billion implying an increase of about 142% in 3 years. This explains why the international banks are warning us about our debt levels.

After 16 years, PDP left the external debt at about $7 Billion, but in just 3 years, APC borrowed over $10 Billion.

The Vice President just mentioned the entire debt profile without telling Nigerians how much of that amount PDP left.

They thought we are fools.

rusher14:


I did not ask what it was.

I asked when .

Which kind question be this nah?

Nigeria has been borrowing since independence, your question should be how much did PDP left on 29th May?

But you should be worried that in after PDP 16 years, they left $7 Billion but in 3 years, APC has borrowed $10 Billion and planning to borrow another $4.4 Billion for 2018 budget.

If they do, it means that in 4 years, APC borrowed 2X the amount of debt PDP left after 16 years.

You should be worried.

IamAtikulate:

After 16 years, PDP left the external debt at about $7 Billion, but in just 3 years, APC borrowed over $10 Billion.

The Vice President just mentioned the entire debt profile without telling Nigerians how much of that amount PDP left.

They thought we are fools.

Don't mind the rotten pastor...
He has joined the gang of Lie Muhammad.
Let him continue with his shaku dance... While we continue to Atikulate.

IamAtikulate:

After 16 years, PDP left the external debt at about $7 Billion, but in just 3 years, APC borrowed over $10 Billion.

The Vice President just mentioned the entire debt profile without telling Nigerians how much of that amount PDP left.

They thought we are fools.

I knew the dwarf pastor was just trying to play around the heads of his brainless supporters.


They are always in the habit of painting everyone but them a criminal.

too much sense in one article

We know all these, and the fake pastor knows as well but politics won't allow him to be honest to himself and stop deception.

nnachukz:
We know all these, and the fake pastor knows as well but politics won't allow him to be honest to himself and stop deception.

My concern is that they are trying to borrow more to fund the budget. Buhari told they have recovered over 1 Trillion Naira from looters, why can't they use it?
The way Osinbanjo is lying is becoming to alarming. He is a Pastor for Christ sake.

Nemesis001:

I knew the dwarf pastor was just trying to play around the heads of his brainless supporters.


They are always in the habit of painting everyone but them a criminal.

Na their way, but we would burst their lies.

Riduane:

You would keep canceling until you canceled your life without knowing. Party of shameless liars. None of those projects were initiated by Buhari.

OSINBAJO LIED TO THE NATION. $16bn NOT $10bn DEBT

I was surprised when Osinbajo told the nation that the public debt under them has only increased by $10bn. To start with, public debt is at $73bn simply because the nation devalued the currency by about 100% even with the devaluation and according to the records of the DMO it is $16bn not $10bn. Before i go into the manipulation of foreign exchange, the debt stood at $57bn in December 2016 and by June 2018 it was $73bn. How can the difference be $10bn? The domestic debt as at June 31 2015 was N10.08tn ($53.49bn) but in June 2018 the debt has risen to N15.6tn ($51.12bn) that is to show how devaluation has affected the figures they touting. Even though local debt has risen by about N5tn, the $ value of the domestic debt in June 2018 has gone down by about $2bn. As at June 30 2015, total debt was $63.81bn (N12.12tn) by using 155 and 196 for the exchange rate, by June 2016 even though the Naira value has increased by about N4tn, the dollar value has gone down to $61.45bn. By December 31, 2016 the naira value has increased by over N5tn from what it was June 2015, the dollar value has sunk to $57.39bn using exchange rate of about N303. No matter how much they tried to manipulate the people to believe that they haven't borrowed much, they know that they will have to look for the naira equivalent to pay the debts and that is over N10tn since they took over.

God bless you IamAtikulate!

Riduane:

this Is all you can muster ? Mtseeew

Riduane:

Idiots resort to borrowed pics

millhouse:
this Is all you can muster ? Mtseeew

Lolz...........all these just to suit the narrative of the wailers........

Who and when was the domestic component of the debt incurred?


Now, let's assume GEJ borrowed $7billion and depleted our reserve by $20B from $49b-$29b


Buhari borrowed $11billion and increased reserve by $14billion from $29b-$43billion


Be the judge

tomakint:
OSINBAJO LIED TO THE NATION. $16bn NOT $10bn DEBT

I was surprised when Osinbajo told the nation that the public debt under them has only increased by $10bn. To start with, public debt is at $73bn simply because the nation devalued the currency by about 100% even with the devaluation and according to the records of the DMO it is $16bn not $10bn. Before i go into the manipulation of foreign exchange, the debt stood at $57bn in December 2016 and by June 2018 it was $73bn. How can the difference be $10bn? The domestic debt as at June 31 2015 was N10.08tn ($53.49bn) but in June 2018 the debt has risen to N15.6tn ($51.12bn) that is to show how devaluation has affected the figures they touting. Even though local debt has risen by about N5tn, the $ value of the domestic debt in June 2018 has gone down by about $2bn. As at June 30 2015, total debt was $63.81bn (N12.12tn) by using 155 and 196 for the exchange rate, by June 2016 even though the Naira value has increased by about N4tn, the dollar value has gone down to $61.45bn. By December 31, 2016 the naira value has increased by over N5tn from what it was June 2015, the dollar value has sunk to $57.39bn using exchange rate of about N303. No matter how much they tried to manipulate the people to believe that they haven't borrowed much, they know that they will have to look for the naira equivalent to pay the debts and that is over N10tn since they took over.

God bless you IamAtikulate!

Thank you so much.

They thought it is illiterates that are supporting Atiku like the ones supporting Buhari. What the forgot is that records are there to counter them.

I am aware Buhari borrowed over $10 Billion, but I stuck to it so show APC supporters that even at that, they borrowed in 3 years more than PDP left after 16 years.