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.

[url]dmo.gov.ng[/url]
Go there and educate yourself .
Your propaganda is not selling

Exactly ..no surprises APC is synonymous with lies

4601CE:
[url]dmo.gov.ng[/url]
Go there and educate yourself .
Your propaganda is not selling

Who owns the DMO? A subsidiary of CBN that works to protect the image of the FG, take a chill for a minute then come back to read my submission up there and stop fidgety unnecessarily. To whom brain is given, sense is expected.

tomakint:


Who owns the DMO? A subsidiary of CBN that works to protect the image of the FG, take a chill for a minute then come back to read my submission up there and stop fidgety unnecessarily. To whom brain is given, sense is expected.

Lmao!

OP please, note that the FG took loans in dollars and not in Naira so what's your point, seems the clarification from the VP irked you seriously.

These wailers can't stop amusing us!

tomakint:


Who owns the DMO? A subsidiary of CBN that works to protect the image of the FG, take a chill for a minute then come back to read my submission up there and stop fidgety unnecessarily. To whom brain is given, sense is expected.

Ogbeni, we are not lawless like you. We cannot dismiss DMOs report - it is the sole authority for managing and reporting scorecard on debt.

Who else has an official report?

tomakint:


Who owns the DMO? A subsidiary of CBN that works to protect the image of the FG, take a chill for a minute then come back to read my submission up there and stop fidgety unnecessarily. To whom brain is given, sense is expected.

See this ant forming eagle
So, we should dismiss an official report and believe the words of a paid hack... What is this world turning to sef

These comedians are just shouting DMO up and down as if we are fools with no brain. Ordinary to read and comprehend the simple matter on ground they are hiding behind the statistics that suits their warped mindsets. I insist, Osinbajo lied

tomakint:
These comedians are just shouting DMO up and down as if we are fools with no brain. Ordinary to read and comprehend the simple matter on ground they are hiding behind the statistics that suits their warped mindsets. I insist, Osinbajo lied

We don't call them Buhari Media Cows for nothing na.


They are as brainless as a broiler.

Nemesis001:


We don't call them Buhari Media Cows for nothing na.


They are as brainless as a broiler.

My brother you can imagine their level of reasoning especially when you factor in the following; As of June 2015 total debt was N12.12tn & by June 2018 it was about N22.34tn that's over N10tn in less than 4 years. In 2015 domestic debt was was N10.08tn and after accumulating about N5tn debt domestically, with domestic debt being N15.61tn in June 2018 the $ equivalent of 2015 is higher at $53.49 and 2018 bring $51.12. Dollar has nothing to do with domestic debt, it was in Naira and will be paid in Naira so everyone can see how they are trying to manipulate Nigerians to make them believe they haven't borrowed so much money. In 2016, 2017 and 2018 the administration spent $3.3bn, $3.9bn and $1.3bn on infrastructure respectively but national debt since December 2016 has increased by $16bn even at the devalued level.

Madness is all what see around these clowns.

ImperialYoruba:


Ogbeni, we are not lawless like you. We cannot dismiss DMOs report - it is the sole authority for managing and reporting scorecard on debt.

Who else has an official report?

Kindly look at these DMO tables especially the December 2016 report and see for yourself.

4601CE:
[url]dmo.gov.ng[/url]
Go there and educate yourself .
Your propaganda is not selling

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!

LamidiCownu:

See this ant forming eagle
So, we should dismiss an official report and believe the words of a paid back... What is this world turning to sef

The VP was playing on your intelligence. Try to decompose that report and you would see that Buhari has borrowed more than Jonathan.

$63 Billion is both the external and domestic debt of FG, 36 States and FCT.

The external debt of FG is about $17 Billion. When you deduct the over $10 Billion borrowed by Buhari, then you would see that PDP left an external debt of less than $7 Billion after 16 years.

Do any reasonable Nigerian need the DMO statistics to know that the Buhari government have simply mortgage Nigeria to chronic indebtedness?

Racoon:
Do any reason Nigerian need the DMO statistics to know that the Buhari government have simply mortgage Nigeria to chronic indebtedness?

My brother you must understand that zombies are extremely difficult to comprehend things except what they are programmed to believe they do not know that using the figures from devaluation to hide our huge indebtedness is deception

Lalasticlala front page

post=72521448:
These wailers can't stop amusing us!

Maybe it's because u don't know anything, better try and learn something from ur opposers u might find there's something of value if u look closely.

silverbirdng:
Lalasticlala front page

My brother you hardly see them pushing worthy thread like this to tjd front page. I just confirm from a link today that we actually borrowed much more under Buhari.

$22BN NOT $10BN IS THE ADDITIONAL DEBT UNDER PMB - BUDGIT

External debt at June 2015 was $7.34bn and by June 2018 it was $17.83bn a difference of $10.49bn, then domestic debt rose from N8,39tn to N12.15tn a difference of N3.76tn and at exchange rate of 305 comes to $12bn. The 2 comes to $22.45bn. There is an art of deception in what the VP told the nation.

IamAtikulate:

The VP was playing on your intelligence. Try to decompose that report and you would see that Buhari has borrowed more than Jonathan.

$63 Billion is both the external and domestic debt of FG, 36 States and FCT.

The external debt of FG is about $17 Billion. When you deduct the over $10 Billion borrowed by Buhari, then you would see that PDP left an external debt of less than $7 Billion after 16 years.

Another Shocker:

FG SET FOR A NEW BORROWING BINGE OF FRESH $8TN BETWEEN 2018-2021

For those who are cheering the FG, please read the MTEF, they are set for about N8tn fresh loans between 2018-2021,if this happens and they even borrow more than they write on paper, it will take government's total debt to N26tn by 2021 that's one third of the 2017 GDP.

4601CE:
[url]dmo.gov.ng[/url]
Go there and educate yourself .
Your propaganda is not selling

u arnt intelligent so no need preaching simple economic terms to a lifelless follower.


maybe sarrki will help u out a bit.

tomakint:
These comedians are just shouting DMO up and down as if we are fools with no brain. Ordinary to read and comprehend the simple matter on ground they are hiding behind the statistics that suits their warped mindsets. I insist, Osinbajo lied

we need deji wateva to come n clarify these exposure

poiZon:

u arnt intelligent so no need preaching simple economic terms to a lifelless follower.


maybe sarrki will help u out a bit.

[url]dmo.gov.ng[/url]