₦airaland Forum

MetaPhysical:
PDP went from $35billion in 2010 to $67.7billion in 2014. This is almost 100% debt increment in one term. Where did 32.7billion dollars go?
They shared it!

jmaine:
How can I understand your non-sense. Am amazed you actually believe your tripe is worth understanding.

What a loss.

Buterflyle0:
What you are exhibiting is called denial syndrome. I understand

Buterflyle0:
Are APC and APGA governors governing another state OUTSIDE of Nigeria?

Does the different party affiliation mean they are no longer a part of Nigeria?

You are the one clearly confused

deji17:
FACT-CHECK: How accurate is Osinbajo’s claim on Nigeria’s debt profile

The Vice President, Yemi Osinbajo, on Saturday, October 27, said Nigeria’s debt was $73 billion, a $10 billion increase from $63 billion the present administration inherited in 2015.

He made the disclosure in Ibadan on Saturday during the 9th Public Lecture of Sigma Club at the International Conference Centre, University of Ibadan.

THE CLAIM
“In 2010 our debt was $35 billion, $41 billion in 2011, $48 billion in 2012, $64 billion in 2013, $67.7 billion in 2014, $63.8 billion in 2015, $57.8 billion in 2016, $70 billion in 2017 and $73 billion in 2018.

“The nation’s debt as at today was $73 billion, an increment of $10 billion from the $63 billion inherited in 2015,”

VERIFICATION OF CLAIM
To verify the claim, PREMIUM TIMES and Dubawa, used data from the Debt Management Office (DMO), the agency officially responsible for managing Nigeria’s debt.

According to the DMO, as at June 2015, the external debt of the Federal Government of Nigeria (FGN) and the 36 states was $10.316 billion; domestic debt (FGN only) was $42.633 billion while domestic debt of states was $10.856 billion. These give a total public debt of $63.806 billion as at June 2015.

Also, according to the same document from Debt Management Office, the total public debt as at June 2018 stood at $73.207 billion with breakdown as follows: federal government and the 36 states owed $22.083 billion, domestic debt (FGN Only) was $39.749 billion and total domestic debt of states and the FCT stood at $11.374 billion.

Further analysis of Nigeria’s debt also revealed that in 2012, Nigeria’s debt was $48.496 billion; in 2013, it was $64.509 billion; in 2014, it was $67.726 billion; in 2016, it stood at $57.391 billion; and as at December 31, 2017, the total debt was $70.999 Billion

These official figures tally with those quoted by the vice president who said “In 2010 our debt was $35 billion, $41 billion in 2011, $48 billion in 2012, $64 billion in 2013, $67.7 billion in 2014, $63.8 billion in 2015, $57.8 billion in 2016, $70 billion in 2017 and $73 billion in 2018.”

There was no available record on the website of the Debt Management Office for 2010 and 2011; so it is difficult to verify Mr Osinbajo’s debt figures for those two years.



However, going by available data on public debt from 2012 till date, the total debt of the country in 2015 was $63.806 billion while the current debt figure as at June 2018 stood at $73.207 billion. Both are same as the figures quoted by the vice president on Saturday.

Therefore, the claim by the vice president that the Buhari administration has increased the nation’s debt by $10 billion from $63 billion it inherited in 2015 is TRUE.

https://www.premiumtimesng.com/news/headlines/293012-fact-check-how-accurate-is-osinbajos-claim-on-nigerias-debt-profile.html

PrecisionFx:
Stop fooooooooling ur self unnecessarily.



Buhari has increased Nigeria's debt by only 10 billion dollars.

But that doesn't mean that he hasn't borrowed 30 billion dollars in 3 years with absolutely nothing to show for it.

The remaining 20 billion dollars debt borrowed by buhari is already been deducted monthly because we service those debts, These funds are deducted automatically.

Buterflyle0:
Are APC and APGA governors governing another state OUTSIDE of Nigeria?

Does the different party affiliation mean they are no longer a part of Nigeria?

You are the one clearly confused

deji17:
He was a member. You cannot deny him membership. But he was not the President or the VP . These are the key people running the affairs of the Govt.

nineone:
I think you're the one pretending like you don't understand the polity of Nigeria and the purpose of the statement by the VP. Your head is living in deceit so I rather not waste much time on you

ican2020:
the VP is a certified lier.
the only thing APC does well is to borrow and borrow, so, Monkey VP should shut up

Doyin2:
You are not only the fool,your brain also needs a reset.

Oh my God,how can someone be this daft?

MetaPhysical:
PDP went from $35billion in 2010 to $67.7billion in 2014. This is almost 100% debt increment in one term. Where did 32.7billion dollars go?
They shared it!

life2017:
Why Nigerians will be making a big mistake by making 2019 voting decision base on current Hardship under PMB

Jonathan PDP Govt 2010 to 2014

Oil Revenue $381 billion dollars.

Debt increased by $29 billion (From $35bn to $64bn)

Reserves dropped by $6bn ($36bn to $30bn in May 2015)

There was increase in enjoyment due to promotion of consumption and free money.

Buhari APC govt 2015 to 2018.

Oil revenue $112billlion dollars.

Debt Increased by $10billion dollars ($63bn to $73bn)

Federal Reserves increased by $12billion dollars ($30bn in 2015 to about $42bn in 2018)

There is relative increase in hardship due to less free money, relatively less focus on consumption despite low revenue and some focus on capital expenditure.

As a neutral Observer
which of the two above is better in terms of fiscal reaponsibility?.

Main Source of data:

https://www.premiumtimesng.com/news/top-news/292875-nigerias-debt-only-increased-10-billion-since-buhari-assumed-office-osinbajo.html

https://tradingeconomics.com/nigeria/foreign-exchange-reserves


The cry of hardship has not been looked into Objectively.

A drop of oil Revenue from $381bn to $112bn cannot be replaced with magic.

Actually PMB govt has done well with the level of hardship we have today. With the drop in oil revenue shown above, I expected the hardship to be much more than it is today.

One of the reason the hardship is not much relative to drop in revenue is because alot of the money from oil boom during Jonathan era were spent abroad buying houses in dubai, US, Canada etc. Hence the hardship is less compared to the drop in oil revenue because a good portion of the money was not in Nigeria economy.

A drop from $381bn to $112bn is a drop of around $269bn . With our current Fed Govt budget of around $30bn( 9trillion Naira), that drop is equivalent to about 9 years of federal govt Budget.

For those who like comparing with Obj govt.

The govt of IBB, Abacha and Abdusalam from 1990 to 1998 only earn $120bn dollar from oil

Obj/Yar adua from 1999 to 2009 earned $481bn due to higher oil production and increasing price. Nigeria just started deep water oil production during Obj. Hence increased volume of oil export. Currently many of those oil fields( Akpo, Usan, Agbami, Bonga) are producing about 70% or less of thier initial capacity. During Obj, most of the foreign sanction impose on Nigeria by US, UN and EU because of Abacha millitary govt were removed. Higher oil revenue and Sanction relief created the economic improvement under Obj.

And again Nigeria population has almost doubled. From 120million in 1999 to about 200million today with declining resources (oil).

Ngozi Nkonjo Iweala understood how Nigeria economy solely depend on oil price. That was why during Q3 2014 when oil price drop from 100 dollar to 70 dollars, she was already warning us to prepare for recession in 2015. She was already borrowing to pay salary in Q4 2014. During Buhari govt, oil price dropped as much as 28dollars per barrel at its worst though averaged 40 dollars with reduced oil production.

We need aggressive diversification of the economy.

ADMAF:
If u have evidence against them, why dont you blow d whistle, u obviously are privy to some pretty valuable info. If not, please drop sentiments and hear say!

Buterflyle0:
You cannot separate the states on party grounds when the people in those States ARE NIGERIANS.

Is this too hard to understand?

Mangreat034:
then they should stop blaming the debt on pdp, afterall they are still part of the system

ican2020:
the VP is a certified lier.
the only thing APC does well is to borrow and borrow, so, Monkey VP should shut up

IrokoOluwere:
Go to hell!
Ipob

jmaine:
Not when the corrupt file has some salvageable properties.

Moreover, get involved at the politics at your ward level to influence the way forward in the future. We can all stay and aloof and watch things remain the same.

Uglymugg:
He calls fact checking copy copy. if you check now, this one is also a graduate from Nigerian Uni. Pdp really damaged Nigeria.

deji17:
He was a member. You cannot deny him membership. But he was not the President or the VP . These are the key people running the affairs of the Govt.

adikayci:
At least we see where the money enter, including these projects APC is commissioning now

https://www.proshareng.com/news/Nigeria%20Economy/Lagos-State-Has-the-Highest-Foreign-and-Domestic-Debts-as-at-June-2017/36409

plaetton:
This slowpoke doesn't understand what debt is and what role it plays in the economy.

Every nation , even rich nations borrow to stimulate economic growth. The theory is that a GDP increment of say $1Tr or even half a $Trillion would more than compensate for the mere $35b in additional debt.
In fact, in the early days of this administration, the former finance minister Kemi Adeosun is on record as stating that Nigeria's Debt to GDP profile was quite low. She was using that as a justification for Nigeria to borrow more money to fund the government.
It is on record that the period between 2010 - 2015 recorded unprecedented economic expansion in Nigeria.
Borrowing without commensurate economic expansion is what they call the Debt Trap. And this is where we are right now, and it doesn't look any brighter unless a new vision is thrust into the economic management of Nigeria.

itchie:
Get lost dumbo, when did Nigerian news sites start fact checking? They just copied it because it is trending in the US media