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Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months - Politics - Nairaland

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Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by BeeBeeOoh(m): 12:41pm On Jan 17
The Nigeria’s total debt stock rose from N32.9tn as of December 2020 to N39.6tn in November 2021, The PUNCH has learnt.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, in her presentation of the 2022 approved budget, disclosed that the government borrowed N6.7tn between January and November 2021, according to a copy of the presentation obtained by our correspondent.

The new borrowing in the period under review consists of N5.1tn domestic debt and N1.6tn. The domestic debt, however, includes borrowing from the Central Bank of Nigeria, according to the presentation document.

In March 2021, the Debt Management Office had disclosed that the country’s total public debt stock was N32.9tn as of December 2020.

An additional N6.7tn loan means the total public debt stock would be about N39.6tn as of November 2021.

The DMO had disclosed that the country’s total public debt increased to N33.1tn at the end of the first quarter of 2021, from N32.9tn in December 2020, showing an increase of about 200bn.

In Q2 2021, the total debt stock rose by N2.4tn to N35.5tn by June 2021.

The increase continued by N2.5tn to hit N38tn by Q3 2021, which was the last figure provided by the DMO.

However, based on the minister’s presentation, there was an increase of N1.6tn from September to November 2021.

The PUNCH had reported that that within the 11-month period, debt servicing gulped N4.2tn which represents 76.2 per cent of the N5.51tn revenue generated during the period.

The minister defended government borrowing and the country’s debt level, insisting the country had a revenue challenge, and not a debt problem, adding that the debt level was still within sustainable limits.

She had said, “This is to restate, that the debt level of the Federal Government is still within sustainable limits. Borrowings are essentially for capital expenditure and human development as specified in Section 41(1)a of the Fiscal Responsibility Act 2007.

“Having witnessed two economic recessions we have had to spend our way out of recession, which contributed significantly to the growth in the public debt. “It is unlikely that our recovery from each of the two recessions would have been as fast without the sustained government expenditure funded partly by debt.”

However, economic experts, including a former Deputy Governor of the Central Bank of Nigeria and former presidential candidate, Kingsley Moghalu, have countered the minister.

Moghalu had said, “There are many ways through which we can improve Nigeria’s domestic revenue situation without selling the future of our country. As to the argument that Nigeria does not have a debt problem but a revenue problem, that is mere sophistry. If you’re spending 90kobo of every one naira you earn repaying debt, you are insolvent.

“You cannot say that we have a debt-to-GDP ratio that allows you to continue borrowing. No! That is an argument for sustainable economies. You cannot be comparing Nigeria with advanced economies. We are in an economy that is still very basic.

“If you are not earning enough revenue, why are you borrowing? You are just compounding your problem. Why don’t you focus on where to get the revenue from instead of lazily ignoring that problem and just trying to survive with borrowing?

“If an individual was living a life that way, it would be a calamity. That is why Nigeria is in a calamitous situation today economically,” he said.

The World Bank had recently said Nigeria’s debt was vulnerable and costly, adding that the country’s debt was at risk of becoming unsustainable in the event of macro-fiscal shocks.

https://punchng.com/nigerias-debt-stock-hits-n39-6tn-in-11-months-reports/

1 Like

Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by Hezzyluv: 12:43pm On Jan 17
shocked shocked shocked shocked shocked

Buhari don show this country pepper grin

35 Likes 1 Share

Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by TheABOMINATION: 1:06pm On Jan 17
“If you are not earning enough revenue, why are you borrowing? You are just compounding your problem. Why don’t you focus on where to get the revenue from instead of lazily ignoring that problem and just trying to survive with borrowing?
“If an individual was living a life that way, it would be a calamity. That is why Nigeria is in a calamitous situation today economically,” he said.

Buhari is an economic catastrophe, taking loan of N6.7tr in 11 months. This man simply wants to collapse the Nigerian economy before he leaves office.

And Tinubu plans to continue Buhari's loan taking legacy.

29 Likes

Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by Nwaezeudo: 1:06pm On Jan 17
No thanks to the vegetable in Aso rock! undecided

Yet the Afonjas are packaging another vegetable Promax, no qualms na everybody go suffer am las las

13 Likes

Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by treesun: 1:07pm On Jan 17
Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by money121(m): 1:07pm On Jan 17
Ok
Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by EmekaBlue(m): 1:07pm On Jan 17
My own debt stock hits ₦16800 i collected from an online loan company for 7days only to repay...the actual money i got was ₦8500 and the chinese loan company want to kill me with calls,threats and messages as today is the due date but Nigeria government is chilling with no disturbance on an 11years debt.

Life remains unfair cry

16 Likes

Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by Lagosianswag: 1:07pm On Jan 17
All Hail The clueless CHANGER!!! grin undecided angry

2 Likes

Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by Salvador1: 1:08pm On Jan 17
And thiefnubu urchins want to bring in a thief and corrupt man to increase our Debt stock.
After helping in fostering this nemesis on Nigeria.

We shall reject them before election Eve.
We won't be stupid for the second time.

10 Likes 1 Share

Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by Racoon(m): 1:09pm On Jan 17
Catastrophic government of onigbesè-chronic debts pillage with a plunging economy and poor GDP. This is what the bullion vans doppelganger wants to inherit & continue? We must redeem ourselves from a continuation of this calamity.
Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by enirock(m): 1:10pm On Jan 17
Brilliant.

We never start. I no sure say the borrowing go stop anytime soon. We go continue like this till we begin to support good leadership and government.
Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by cjudy(m): 1:10pm On Jan 17
Expect Tinubu to continue
Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by Elsueno: 1:10pm On Jan 17
Those on top still want to continue thier enjoyment lifestyle with all the bogus allowances & bonuses....But the ironic thing is, sensitive position way would help with generation of cash & policies that can cushion that reckless expenditure is occupied by incompetent people who are soo confused, can't work together, can't do the right thing...They are just thier to enjoy too. The global economy is in shambles but Nigeria is still stuffing incompetent people near the country's jugular

2 Likes

Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by HereAtIt(m): 1:10pm On Jan 17
My advice to you is that you check my signature, click the link and follow due instruction to claim $$ for free. It won't cost you anything.

So that your debt report won't make FP on nairaland one day like Nigeria's case today.
Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by obyrich(m): 1:11pm On Jan 17
Lol
Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by XploraBen(m): 1:11pm On Jan 17
Is this how other developing nations keep borrowing?


Anyways...

I'm up to work as an article writer.
Send me a PM and let's get started from there.
Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by bcomputer101: 1:11pm On Jan 17
Buhari is the worst Pandemic to befall Nigeria.


This detrimental mannequin keeps borrowing money that the next 50-generation won't be able to pay.


I won't take it easy if I get to heaven and meet you dere.


òsíwín ènìyàn ni Buhari

1 Like

Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by Kenn55: 1:11pm On Jan 17
Too bad

Buhari should refund every Penny paid to him from the Nigerian purse. This is a daylight robbery. How can a man brought to solve problems add to the problem?
Nigeria, a country ruled by an empty coconut head, who will rescue her?

2 Likes

Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by Christmasdon(m): 1:11pm On Jan 17
What has hit bnigeria.
Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by Naughtysex: 1:11pm On Jan 17
This is my prayer

Anyone supporting this present administration, and still working or campaigning for another old drug baron cargo to come and rule this supposed most beautiful nation in the world, may the pain in your life be more than the joy in your lineage.

Can i hear someone say Amen

7 Likes 1 Share

Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by wolexy14(m): 1:12pm On Jan 17
Jesusssss shocked shocked shocked shocked shocked shocked shocked shocked shocked shocked shocked shocked
Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by EnEnPeecee: 1:12pm On Jan 17
Buhari is the man sent by satan to Nigeria to come and torment the citizens. Allowing a character like tunibu is a continuation of buhari's recklessness.

May God never let Nigeria experience a useless leader like Buhari again amen

4 Likes

Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by Omooba7000: 1:13pm On Jan 17
Kindly subscribe to my channel what this video why do we have obas in yoruba land...
https://www.youtube.com/watch?v=wOClKLhs6cQ
Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by Farid24224(m): 1:13pm On Jan 17
No dash them....make sure una collect all your money.....
Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by Lexusgs430: 1:14pm On Jan 17
That's why we have infrastructural decay, in the midst of massive corruption and very bad administrators ...........
Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by Validated: 1:15pm On Jan 17
Buhari is building railway with no future. Borrowing for APC to steal and loot. Meanwhile, hungry BMCs are busy singing their beloved father's praise.

1 Like 1 Share

Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by ibrutex(m): 1:15pm On Jan 17
And they want to force another half life on Nigerians so we go dey use our loan earned money to tak care of him instead of him to take care of our economy hmmm!...

Our mumu Neva do like this

2 Likes

Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by jmoore(m): 1:15pm On Jan 17
Those defending Buhari's chronic borrowing keep telling us that USA and co also borrow. Have you checked how much they spent on debt servicing?

6.8 trillion dollars was USA budget for 2021. USA spent 300 billion dollars on debt servicing. That means they spent 4.4% of national budget to service debt.

Nigeria will spend about 21% of the national budget to service debt in 2022.

A poor country spending 21% to service debt VS a rich country spending 4.4% to service debt.
Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by Sucolee(m): 1:17pm On Jan 17
We are one Nigeria..if I dey owe u money, add it to Nigeria debt, buhari will pay it before leaving office

2 Likes

Re: Nigeria's Debt Stock Hits ₦39.6 Trillion In 11 Months by Femijohn198: 1:19pm On Jan 17
Buhari and his useless cabal should be removed from that position, 39 trillions no be beans, Nigeria don finished pata pata. Nothing for the coming youth. And their children are all abroad enjoying life. There have started taxing high costs on company and gas limited company to pay internal and external debts. Nigerian should be ready for higher costs of goods this year. This APC government are not having feeling for any citizens in this country. They have key our mouth, no protest, no negative comments on social media. No freedom of speech, Na this country all where vote buhari we go die. Those wey no way don ja pa

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