₦airaland Forum

The Debt Management Office (DMO) has debunked a recent statement reportedly made by a former Deputy Governor of the Central Bank of Nigeria (CBN), Dr. Obadiah Mailafiya to the effect that the President Muhammadu Buhari inherited a debt stock of less than $7 billion in 2015, which according to him, now stands at $84 billion.

Debunking this, the DMO said as at June 30 shortly after the APC government came into power, that the debt profile of Nigeria was #63.81bn and not the purported #7.0bn reportedly declared by the CBN deputy governor, Dr Obadiah. Debunking this yesterday, the DMO said the Deputy Governor of the DMO said the purported claim was totally incorrect and not supported by public debt data that is readily available on its website.

A thisday newspaper report has it that the DMO said that, the nominal increase in the public debt stock between June 30, 2015 ($63.81 billion) and June 30, 2019 ($83.88 billion), was about $20.0 billion, which is a far cry from the gross misrepresentation made at the live programme on Channels that the public debt stock increased by $77.0 billion during this period.”

The DMO stated that it considered it expedient at this time, in the interest of the general public to make some clarifications regarding Nigeria’s public debt.



https://ngg.ng/2019/12/10/buhari-inherited-63-8bn-debt-not-7bn-dmo/

cc lalasticlala

Buhari always on the right side of things

So where has the Buhari gover taken our total( domestic & foreign) debts to & what have they been used for? Their own lies being busted left, right and centre.Lies have a beginning and also has an end.

I don't understand

then stop incurring more.

[s]

SatanTheDevil:
Buhari always on the right side of things

[/s]Debts, senseless borrowings, constricting taxation, voodoo economics, widespread hardship etc are all the hallmarks of the Buhari government.

We still keep on borrowing... One day we will all wake up to see that we've lost our independence.. This time maybe to the chinese

Racoon:
So where has the Buhari gover taken our total( domestic & foreign) debts to & what have they been used for? Their own lies being busted left, right and centre.Lies have a beginning and also has an end.

Using the Naira value when the debt is incurred in dollars is misleading. This considering there was a deliberate need to devalue the currency post-2015.

Racoon:
So where has the Buhari gover taken our total( domestic & foreign) debts to & what have they been used for? Their own lies being busted left, right and centre.Lies have a beginning and also has an end.

For proper understanding and comparison, get us the value year to year in dollars and also using the exchange rate for those years.

If GEJ borrowed $1 billion when the naira was 180 to a dollar, that's 180 billion naira.
If Buhari borrows same now and the exchange rate is 360 now, that's 360 billion naira.
It is the same amount they borrowed in dollars but different in naira.

Area4Area:
For proper understanding and comparison, get us the value year to year in dollars and also using the exchange rate for those years.

If GEJ borrowed $1 billion when the naira was 180 to a dollar, that's 180 billion naira.
If Buhari borrows same now and the exchange rate is 360 now, that's 360 billion naira.
Is it the same amount they borrowed in dollars but different in naira?

Mind you there is $30 billion request pending at the national assembly

Solsix:
Mind you there is $30 billion request pending at the national assembly

At least he hasn't borrowed it yet, would you count that as debt when you've not received it, what if the national assembly refuses it, would you add it to the debt?