NewStats: 3,262,849 , 8,178,352 topics. Date: Tuesday, 03 June 2025 at 07:35 PM 2v242x

President Olusegun Obasanjo on Friday in Lagos expressed deep concern about Nigeria’s current debt profile and warned the Federal Government against “impending bankruptcy.”

Obasanjo was a keynote speaker at the “Why I am Alive” campaign celebration in Lagos on Friday.

Nigeria’s external debt, he said, grew by as much as 700 percent to N24.947 trillion ($81.2.74 billion), from $10.32 billion in just four years (2015), meaning that the country would have to commit half of its 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.”

Calling for national dialogue or debate on Nigeria’s short, medium and long-term plans as a nation, Obasanjo 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.”

Obasanjo, who was twice head of the Nigerian government in both military and civilian capacity between 1976 and 2007, was a special guest of the “Why I am Alive” campaign celebration tagged “The Nigerian Story” created by media personality and chief executive of Eureka Productions, Caroline Moore in Lagos on Friday.

He has been very critical of governments since he left office after completing two of four years each as a civilian president in 2007.

Pastor Itua Ighodalo, who moderated the Friday session, said the campaign was “designed to empower young Nigerians for the future by tapping into the key lessons from success stories of eminent personalities that have contributed to the social, economic and political growth of Nigeria.”

https://m.guardian.ng/breakingnews/nigeria-faces-impending-bankruptcy-says-obasanjo/

Ok

But buhari/apc ers are too blind with sentiment to see this till it's too late by then they will become victims of the same man they ed blindly.

baba go slow and zombies have only one agenda to plunge this nation into eternal debt

So we read

The Olodo president won't even understand all these things OBJ is taking about.

They only know how to 'pait Kwarapshan' with Fulanization and Islamisation agenda.

Bye bye to yeye Boyfriend president

Everybody known that now, coz the rate at which this Fulani man is borrowing, may be in the next 5 to 10yrs China will start claiming every part of Nigeria, that is why l am trying everything possible to japa from this country because China no value human life oo

After you have bankrupts it abi? nonsense

Pending?

Nigeria is already financially and morally bankrupt!

Sadly NASS approved the $30b request

The Buharinomic voodoo economics does not work on spendthrift but debt pillage, senseless taxation and incongruent economic policies.

If not for ethnicity and religious bias people like buhari would not even contest primary election but what do I know
Nigeria is the reverse of every thing on this globe

As a lover of a separate State (Biafra),we pray that Nigeria becomes obsolete n the rest of them idiots shouting one Nigeria,can go n meet d north so that they can keep fuccking!
Stupid country!

https://www.pmnewsnigeria.com/2019/12/27/obasanjo-gets-nigerias-external-debt-figures-wrong/

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 , 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.

yarimo:
After you have bankrupts it abi? nonsense

Did you read what he said in the article?

You do know that partisanship has its limits right??

Africans should stop this borrowing. Owing debts is like modern day enslaving of black countries by the whites!
It's a trap

Because we have been eating/spending without investment ability.

In Nigeria, a ministry can spend 10billion but revenue coming from the same ministry is 100million.
Which business can survive such?

If Nigeria is a company must it has folded up a very long time ago.

.

Aboki nor go listen

nonsense talk oga pay back the 16 billion dollars you stole..

Is it not stupidity that makes Africans IMF, World Bank, Paris club and demonstrate our commitment yet we are afraid to take single digit loans to fund critical infrastructures like US does?

If FG builts a mega power plant that can generate 3000 mega watt of power in each region through loan and borrowing and get steel complex like Ajaokuta working Nigeria would become super developed in less than 5 years and money we generate from power would pay back the loans and give us extra income

Small Rwanda and Ghana are leaving Big for nothing Nigeria behind through infrastructural Loans plans with National debt higher than Nigeria's yet we speak grammer everyday without taking any action

.

This man should give it a rest.

Is Nigeria not already bankrupt

[s]

itsme01:
nonsense talk oga pay back the 16 billion dollars you stole

[/s]

You and other zombies forced this granny on us, so, enjoy the free fall

. someone help me out. This 2trillion we are removing from our budget are we paying back our debt or we are servicing it. Is there difference btw servicing debt and repaying. Very soon we will start seeing something lyk.

Your 311XXXXX17 has been debited with 20,000.desc/repay nigeria's debt with china. avail bal:1080.

Buhari destiny is to bankrupt and wreck the country..... Increase her debt profile while zombies cheer him on..

Buhari has nothing to offer the country
A man full of tribalism and religious bigotry
A wicked dullard who can't obey court orders

Buhari is evil personified and those who him are worse than Ebola

Says one of the people that bankrupted us.

I have used Big Data to study the algorithm for Nigeria, and I'm not surprised to see how bleak and hopeless the future is.

Nigerians yet unborn are going to curse these generation of leaders for putting them under crippling debt.

How?
Modified.

Yeah, our unrestrained appetite for borrowing will see the end of the entity called Nigeria. And Buhari careless what become of Nigeria after 2023. In fact, his budgets for 2021-2023 will be finance by borrowing. Just watch out.

By the way, is CBN not central to the borrowing plan of the federal government? Just asking ooooooo

Happy Sunday

yarimo:
[s]After you have bankrupts it abi? nonsense [/s]

I swear u don't have sense at all, an important issue will be raised and y'all will be saying trash. Did OBJ leave any debt for Nigeria before he left?.. start reasoning like a human being 2020 is close

Yes we do because 95% of our revenue is from oil, we produce 2.2 million barrels of it a day, and we have to share the revenue amongst 200 million people.

We have been always at the verge of bankurptcy, even when OBJ was ruling...we just used high oil prices during his regime to mask it.

Nigeria also refuses to cut spending...excess spending...and corruption...and refuses to take steps to remove wasteful things like subsidy, TraderMoni, N-power, etc.