Obasanjo gets Nigeria’s external debt figures wrong

Friday, December 27, 2019 10:12 pm

Former President Olusegun Obasanjo said Nigeria faces an impending bankruptcy, with the country’s external debt ballooning by 700 per cent in four years. But simple fact checking showed the former leader got his figures wrong on the level of external debt.

He sounded the bankruptcy alarm as a keynote speaker at the ‘Why I am Alive’ campaign celebration in Lagos. The event tagged “The Nigerian Story” was created by the chief executive of Eureka Productions, Caroline Moore.

According to a report by The Guardian, Obasanjo put Nigeria’s external debt at N24.947 trillion ($81.2 billion), from $10.32 billion in just four years (2015).

In his interpretation, Nigeria would need to commit half its foreign foreign earnings to servicing its current level of indebtedness.

“Such a situation talks about impending bankruptcy,” the former president warned. He insisted that “no entity can survive while devoting 50 percent of its revenue to debt servicing.”

He explained that the current budget out of which Nigeria spends 25 percent to service debt “is not the country’s total earning; a lot of it is also borrowing. Simply put, we are borrowing to service what we have borrowed and yet we are borrowing more.

“I do not need the brain of any genius to conclude that those who use statistics to dig us deeper into debt are our enemies: statistics can be used to serve any purpose, and that is why Winston Churchill talked of lies, damn lies and statistics, meaning statistics can be made master of lies.”

As The Guardian reported, Obasanjo called for national dialogue or debate on Nigeria’s short, medium and long-term plans as a nation.

He said his biggest worry was that, with the scale of debts the country was walking into, “there are already fiscal challenges to meet(ing) our obligations.”

Fact checking however showed that Obasanjo may have been misquoted on the level of external debt and he also was quoting outdated debt figures.

According to the Debt Management Office, Nigeria’s external debt as at June 2019 was $27.1 billion, with the 36 states and Abuja owing $4.2 billion. Domestic debt level as at June was $56.7 billion, with the states owing $12.9billion . In Naira terms, external debt stood as N8.3 trillion in June and domestic debt was N17.3 trillion.

Thus, the former President got it wrong putting the entire external debt at $81.2 billion.

helinues:
Old age don dey affects Ebora owu

Old age Someone who went through alot to cancel the previous debts

The message is not about the accuracy of the figure, it's about the debt profile which could lead YOU and your future unborn generation into perpetual bankruptcy.

Get that into your skull and

Wiseandtrue:

If you are wise enough, you will realize that OBJ is not only fighting for you but your children and unborn generation

If you don't have anything genuine to say on this matter, please don't!!!

Let's put politics aside!

helinues:


This article was about correcting OBJ false statements and you are still repeating the same

At least if you didn't read the article, did you also miss the headlines?

You people sha like to dey argue blindly..

Na war oo

Who is talking about the gibberish OP wrote

I will not allow you to derail OBJ's message!

May be you were not born when he cancel the debt which was widely celebrated in this country unlike the Nigerian Air which vanished into the thin air which none of you is talking or writing about!

Wake up guy before it's too late for you! Zombie wey no quick locate him brain dey suffer last last

Ask Sowore and Adeyanju, them go tutor you.

Have a nice day

rusher14:
The simple question is why was PDP silent when they accrued a 63 Billion dollar debt?

Staro:
These Buhari's zombies are laughable, I swear!

While Obasanjo is quoting current debt figures the zombies
are referring us to June 2019

Why is every supporter of Buhari as dumb as the man himself?

.

rusher14:
The simple question is why was PDP silent when they accrued a 63 Billion dollar debt?

wink2015:


CORRUPTION IN GOVERNMENT HAS ALWAYS BEEN THE CAUSE OF THE FINANCIAL PROBLEM NIGERIA IS GOING THROUGH.

Misplaced priority, elephant projects, ethnic interest overiding national interest, lies

It is becoming glarer that the FREE MONEY Nigeria has been earning from International oil sales which politicians across the national divide has been abusing is getting slimmer and slimmer with huge debt facing Nigeria.

GENERAL OLUSEGUN OBASANJO ( RTD ) IS GUILTY OF THE SAME OFFENCE HE IS ACCUSING MAJOR GENERAL MUHAMMADU BUHARI ( RTD ) FOR.

THEY ARE GUILTY OF THE SAME FINANCIAL CRIMES OF BORROWING AND ABUSING THE FUNDS BORROWED.

They are guilty of misplaced priorities.

Wiseandtrue:

If you are wise enough, you will realize that OBJ is not only fighting for you but your children and unborn generation

If you don't have anything genuine to say on this matter, please don't!!!

Let's put politics aside!

post=85311117:

Hmmmm, this is deep!

Brb.........

Kingosytex:
These Buhari's zombies are laughable, I swear!

While Obasanjo is quoting current debt figures the zombies
are referring us to June 2019

Why is every supporter of Buhari as dumb as the man himself?

At the bolded, has the perfect answer to that question.

post=85314403:
Gathering of criminals and fools.

OBJ, where is the power after 16 BILLION DOLLARS of looted funds.

Criminals supported by broke losers.
Bastards.

Kingosytex:
These Buhari's zombies are laughable, I swear!

While Obasanjo is quoting current debt figures the zombies
are referring us to June 2019

Why is every supporter of Buhari as dumb as the man himself?

At the bolded, has the perfect answer to that question.

Staro:



Oga, shut your dirty stinking mouth, jare!

Obasanjo is quoting current debt figures while your APC-sponsored journalist
is talking about June 2019.

What stops the journalist from obtaining updated debt figures from DMO before
rushing to press?

Like president, like followers

The ZOMBIE tag truly fits you guys so well

Staro:
These Buhari's zombies are laughable, I swear!

While Obasanjo is quoting current debt figures the zombies
are referring us to June 2019

Why is every supporter of Buhari as dumb as the man himself?

.

Staro:
These Buhari's zombies are laughable, I swear!

While Obasanjo is quoting current debt figures the zombies
are referring us to June 2019

Why is every supporter of Buhari as dumb as the man himself?

.

Staro:


You said 22b?
Oga, you're lost.
I didn't know all Zombies reason like their president

See below

According to the Debt Management Office, Nigeria’s external debt as at June 2019 was $27.1 billion, with the 36 states and Abuja owing $4.2 billion. Domestic debt level as at June was $56.7 billion, with the states owing $12.9billion . In Naira terms, external debt stood as N8.3 trillion in June and domestic debt was N17.3 trillion.

Thus, the former President got it wrong putting the entire external debt at $81.2 billion.

AstralBody:

They are not dumb,but filled with evil n bad intentions. They are been paid a monthly fee for spreading lies n painting the government as hardworking.

amc:


Your problem is poor education and ignorance .

There is a big difference between external debts and our total debt profile which consists of both external and local debts for the FG, States and the FCT.

Staro:



Oga, stop fooling yourself.
Obasanjo talked about Nigeria's debt profile, I listened to him.

As usual, it is one of Buhari Zombie journalist that is trying to twist the narrative.

.

amc:


I told you your problem is poor education and ignorance.

If Obasanjo talked about Nigeria's overall debt profile as you claim, then he got that wrong too. Both of you are first class dummies. The total debt profile in June 2015 was not $10.32bn. It was $63.8bn

If you are too lazy to go to the DMO website, find the proof below.