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Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by ahmedkoded95(m): 12:58pm On Jun 16
Former Vice President Atiku Abubakar has expressed shock that the Buhari administration in the first quarter of 2020, spent 99 percent of revenue to service debt.

“No one should be deceived. This is a crisis!”, Atiku said in a statement today.

“Debt servicing does not equate to debt repayment”.

“The reality is that Nigeria is paying only the minimum payment to cover our interest charges”.

“The principal remains untouched and is possibly growing”.

The statement entitled “Nigeria In Financial Crisis: Robbing Our Children to Pay for Our Greed”, was signed by Atiku himself to underscore its significance.

The former vice-president was alarmed by what he called a shocking revelation in Nigeria’s first quarter 2020 financial report.

“Nothing has shocked me in my entire life in public service as the revelation from Nigeria’s First Quarter 2020 financial reports in the Medium Term Expenditure Framework and Fiscal Strategy from the Federal Ministry of Finance, Budget, and National Planning, which shows, alarmingly, that whereas Nigeria spent a total sum of ₦943.12 billion in debt servicing, the Federal Government’s retained revenue for the same period were only ₦950.56 billion.
This means that Nigeria’s debt to revenue ratio is now 99%.”

“We are at a precipice. If our revenue figures do not go up, and go up quickly, Nigeria risks a situation where our revenue cannot even sustain our debt servicing obligations. Meaning that we may become insolvent, and our creditors may foreclose on us, as has occurred in Sri Lanka and the Maldives.

`’In my opinion editorial of December 17 2019, titled ‘Endless Borrowing Will Lead Nigeria to Endless Sorrowing’, I had cause to counsel the Federal Government to desist from indiscriminate lending, and offered suggestions on ways to both increase revenue, and reduce expenditure, however, my counsel fell on deaf ears. And now we have come to this.

“Again, on May 15, 2020, I counselled that the Federal Government ought to reduce Nigeria’s budget by at least 25%, to reflect the economic realities of the times that we live in. Again, my entreaties were brushed aside.

“As part of an administration that paid off Nigeria’s entire foreign debt, I am concerned by the alarming and avoidable unprecedented increase in our debt to GDP ratio and debt to revenue ratio. The alarm I sounded last year is now sounding louder.

“Not only have we squandered our opportunities, we have also squandered the opportunities of our future generations by bequeathing them debt that they neither incurred or enjoyed”, he wrote.

Atiku then went on to suggest some urgent measures to push Nigeria from the financial precipice. One of them is that Nigeria sell off the planes in the presidential fleet and also cut off wasteful spendings.

“As a matter of utmost urgency and importance, I call on the Federal Government to take immediate steps to drastically reduce its expenditure, especially on wasteful projects, such as maintenance of the Presidential Air Fleet, and unnecessary renovations of buildings that could serve as is, limousine fleet for top government officials, overseas travels and treatments, and the ₦4.6 billion Presidential villa maintenance budget, etc.

“We cannot be on the verge of economic ruin, while still maintaining a Presidential Air Fleet that has more planes than the Presidential fleets of those from whom we take these loans.

“In fact, Nigeria must sell those planes and channel the revenue to other vital areas of need, while taking additional steps to reduce the cost of running our government.

“The Federal Government cannot continue to justify these unsustainable numbers by pointing at Nigeria’s debt to GDP ratio. That is only half the picture.

“Our debt to revenue ratio paints a much more realistic portrait of our financial situation, especially as our revenues are majorly tied to a mono product, oil and gas, which are very vulnerable to global shocks.

“Again, I warn that Nigeria is facing a crisis, and we cannot continue to keep up appearances by taking out more loans to prop up our economy.

“That will amount not just to robbing Peter to pay Paul, but to robbing our children to pay for our own greed!”, the former vice president concluded.

https://www.pmnewsnigeria.com/2020/06/16/atiku-shocked-by-nigerias-debt-profile-says-nation-in-financial-crisis/amp/?utm_source=&utm_medium=twitter&__twitter_impression=true

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Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by teadrake(m): 1:09pm On Jun 16
We might be headed towards financial doom. If funds borrowed to finance critical infrastructure is being looted again. This country is not sustainable

101 Likes 5 Shares

Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by Vyzz: 1:11pm On Jun 16
I thought Buhari is the only shock absorber we have...


This is a testament that all of u are ONE


. Nigeria is in a financial crisis is an understatement

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Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by slivertongue: 1:12pm On Jun 16
“Nigeria In Financial Crisis: Robbing Our Children to Pay for Our Greed”,

77 Likes 2 Shares

Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by slivertongue: 1:15pm On Jun 16
GMB is incompetent

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Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by slivertongue: 1:15pm On Jun 16
This means that Nigeria’s debt to revenue ratio is now 99%.”

70 Likes 4 Shares

Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by helinues: 1:16pm On Jun 16
Hahahaha..

So no be only Buhari dey shock.. Atiku too.

8 Likes 1 Share

Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by slivertongue: 1:17pm On Jun 16
“We are at a precipice. If our revenue figures do not go up, and go up quickly, Nigeria risks a situation where our revenue cannot even sustain our debt servicing obligations. Meaning that we may become insolvent, and our creditors may foreclose on us, as has occurred in Sri Lanka and the Maldives"

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Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by SarkinYarki: 1:17pm On Jun 16
So Atiku has joined Buhari in Shock Therapy ? grin grin

7 Likes 1 Share

Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by SarkinYarki: 1:18pm On Jun 16
slivertongue:
This means that Nigeria’s debt to revenue ratio is now 99%.”


Buhari should be in jail

61 Likes 4 Shares

Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by slivertongue: 1:18pm On Jun 16
I had cause to counsel the Federal Government to desist from indiscriminate lending, and offered suggestions on ways to both increase revenue, and reduce expenditure, however, my counsel fell on deaf ears. And now we have come to this.

33 Likes 1 Share

Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by slivertongue: 1:20pm On Jun 16
“Not only have we squandered our opportunities, we have also squandered the opportunities of our future generations by bequeathing them debt that they neither incurred or enjoyed”

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Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by slivertongue: 1:22pm On Jun 16
“Again, I warn that Nigeria is facing a crisis, and we cannot continue to keep up appearances by taking out more loans to prop up our economy.

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Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by Vichot(f): 1:24pm On Jun 16
shock absorber

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Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by slivertongue: 1:28pm On Jun 16
SarkinYarki:



Buhari should be in jail
GMB is a CAPITAL ' illiterate' when it comes to economic matters. he doesn't understand the laws of demand and supply. not to talk of issues relating to international political economy. jailing him wud be waste of energy

45 Likes

Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by Maxymilliano(m): 1:30pm On Jun 16
Very expository speech I've read lately about the country's financial dire position, i hope the government do the needful asap, else we'll all be shocked at what will be left of the country after the exit of the current dispensation.

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Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by moscobabs(m): 2:39pm On Jun 16
angry
Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by gambia(m): 2:40pm On Jun 16
Una never see anything yet aswear undecided

5 Likes

Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by gungab(m): 2:40pm On Jun 16
Hmmmm
Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by itsIYKE(m): 2:40pm On Jun 16
Saint atiku pray for us

8 Likes 2 Shares

Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by xynerise: 2:40pm On Jun 16
When you support a man who doesn't have a single idea about economic development, this is what you get in return..

Shebi he is dying to rule Nigeria by all means? Oya na

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Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by OakConsultNG: 2:40pm On Jun 16
Okay..

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Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by vibbb: 2:40pm On Jun 16
Only God can liberate this nation from insensitive set of leaders.

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Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by AristocraticMe: 2:41pm On Jun 16
Most people will leave the message and jump on the messenger, like what he is saying is not true. I pity for Nigeria......... Greed and the inability to think about tomorrow is the problem....
Security is Zero
Employment is Zero.... what are they using the money for..... SALARY.

Infrastructure is Zero, it is in Nigeria that a governor wlll leave his office and duty to inaugurate a road... i mean a ROAD...

Guess what everybody will be affected when Poo hits the fan..... go read the story of Venuzuela.... it is reality...

The wicked people have succeeded in clamping the wings of the civil rights group that they are now silent.. they are the only saviour. because politicians will never do the right thing. NEVER.

Remember GEJ period, remember they didnt want him to be President but for Tunde Bakare and Save Nigeria Group he was elected. it is only groups like that can hold Nigeria leaders responsible for their actions.

My thoughts on Nigeria is so much .... save it for another time

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Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by BEATNEST(f): 2:41pm On Jun 16
teadrake:
We might be headed towards financial doom. If funds borrowed to finance critical infrastructure is being looted again. This country is not sustainable
if only they spent the money they owe well,the us has the highest debt but it isn't showing in their economy

9 Likes 2 Shares

Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by DenreleDave(m): 2:41pm On Jun 16
Atiku will just talk.. Buhari wunt hear word

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Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by sahsewen: 2:41pm On Jun 16
no be dem dem

1 Like 1 Share

Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by Holiegrail2: 2:41pm On Jun 16
Everybody is now Shocked in this country.

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Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by Built2last: 2:41pm On Jun 16
You have a clueless CBN governor who is supposed to be a monetary policy expert but because he represents Jim Ovia and Buhari with canals, Nigeria is in ruins.

You have a minister of finance with no previous pedigree, no expertise in financial management of such magnitude. We gave her finance. All they do is pass files for her to sign.

You now have a president who promised to fight corruption and use recovered money to fix economy but all na wash.

We never chin chun chi. My savings since 2015 have been in Dollar and pounds.

Only Buhari and his family are doing well. Pic speaks for itself

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Re: Atiku Shocked By Nigeria’s Debt Profile, Says Nation In Financial Crisis by nijabazaar: 2:42pm On Jun 16
We all deserve Buhari

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