NewStats: 3,262,892 , 8,178,477 topics. Date: Tuesday, 03 June 2025 at 11:59 PM 2i5361

Nigeria's debt of $85.9 billion, the highest in history, has become the talking point even as the country celebrated its 60th anniversary on October 1, 2020. The pressure on the economy has caused an 8.31 per cent increase in debt owed from the total of $79.3 billion recorded in March. By December 2005, Nigeria was rated as one of the most heavily indebted countries, owing $33.9 billion. Now the talk is on whether the money borrowed had helped or burdened the country. Abuja’s debt obligation had gone down in 2006 after the country got debt relief. The Paris Club of creditors wrote off $18 billion of that debt, while the country paid off the balance and became largely debt-free. However, in the years that followed, the public debt spiraled as officials argued for funding budget deficits and critical infrastructure. According to the National Bureau of Statistics, 34.89 per cent of the total federal and state public debt is external while domestic s for 65.11 per cent. The Debt Management Office (DMO) reported that the increase by $6.593 billion was ed for by the $3.36 billion budget loan from the International Monetary Fund, new domestic borrowing to finance the revised 2020 Appropriation Act, including the issuance of Sukuk, and Promissory Notes issued to settle claims of exporters.

Mortgaged future
The nation’s 2020 Appropriation Act had to be revised in the face of the adverse impact of Covid-19 on revenues and increased expenditure needs on health and economic stimulus amongst others, DMO explained. In spite of DMO’s reasoning, some stakeholders are concerned that Nigeria remained dependent on oil as the sole revenue-generating resource for such a long time without diversification to other revenue generating sources. Former Vice President Atiku Abubakar raised the stakes when he accused government of mortgaging the future of Nigerians and having nothing to show for amassing such debt. “Nigeria’s sovereignty may have been traded for foreign loans and God forbids our inability to service those loans, the lender country would take ownership of choice infrastructure on the Nigerian soil,” he said. President of the Progressive Shareholders Association of Nigeria, Boniface Okezie, says the debt stock is cause for worry due to the government’s declining revenue. Disagreeing with critics, Information and Culture minister, Lai Mohammed, said the ratio of debt to GDP was one of the lowest in the world at 19 per cent as at December 31, 2019. Unlike in the past when the nation borrowed to “service the crass indulgence of a few fat cats”, the loans being obtained by the current istration were being primarily used to finance infrastructure — roads, railways, bridges and power. He added that the loans also were long-term in nature, which would benefit present and future generations. President Muhammadu Buhari on September 28, at a virtual meeting with Presidential Economic Advisory Council, justified the borrowing.

Source:https://www.msn.com/en-xl/news/other/record-breaking-86bn-debt-leaves-nigerians-stunned/ar-BB19K7GC

Mods please Nigerians need to see this

https://www.youtube.com/watch?v=ssNtoydjtQ4

wow

Borrow borrow country. I'm proud to be a nigerian

Buhari and crew are not done with us

When they are done, na body go tell us

Dividend of Buharinomics

As long as BMC zombies see their 30k alowee regularly then no shaking....

Helineus and Arrewa, come and see o

Expect more debts, cause more borrowing ahead

Buhari will reach $100 billion debt mark before leaving office, his mission is to make sure no government will have the capacity to borrow again after he has made the country a debt ridden one

All this Nigeria leaders, they all want to die in office if possible appoint their kids to take over looting from them

prodigiousman:
Nigeria's debt of $85.9 billion, the highest in history, has become the talking point even as the country celebrated its 60th anniversary on October 1, 2020. The pressure on the economy has caused an 8.31 per cent increase in debt owed from the total of $79.3 billion recorded in March. By December 2005, Nigeria was rated as one of the most heavily indebted countries, owing $33.9 billion. Now the talk is on whether the money borrowed had helped or burdened the country. Abuja’s debt obligation had gone down in 2006 after the country got debt relief. The Paris Club of creditors wrote off $18 billion of that debt, while the country paid off the balance and became largely debt-free. However, in the years that followed, the public debt spiraled as officials argued for funding budget deficits and critical infrastructure. According to the National Bureau of Statistics, 34.89 per cent of the total federal and state public debt is external while domestic s for 65.11 per cent. The Debt Management Office (DMO) reported that the increase by $6.593 billion was ed for by the $3.36 billion budget loan from the International Monetary Fund, new domestic borrowing to finance the revised 2020 Appropriation Act, including the issuance of Sukuk, and Promissory Notes issued to settle claims of exporters.

Mortgaged future
The nation’s 2020 Appropriation Act had to be revised in the face of the adverse impact of Covid-19 on revenues and increased expenditure needs on health and economic stimulus amongst others, DMO explained. In spite of DMO’s reasoning, some stakeholders are concerned that Nigeria remained dependent on oil as the sole revenue-generating resource for such a long time without diversification to other revenue generating sources. Former Vice President Atiku Abubakar raised the stakes when he accused government of mortgaging the future of Nigerians and having nothing to show for amassing such debt. “Nigeria’s sovereignty may have been traded for foreign loans and God forbids our inability to service those loans, the lender country would take ownership of choice infrastructure on the Nigerian soil,” he said. President of the Progressive Shareholders Association of Nigeria, Boniface Okezie, says the debt stock is cause for worry due to the government’s declining revenue. Disagreeing with critics, Information and Culture minister, Lai Mohammed, said the ratio of debt to GDP was one of the lowest in the world at 19 per cent as at December 31, 2019. Unlike in the past when the nation borrowed to “service the crass indulgence of a few fat cats”, the loans being obtained by the current istration were being primarily used to finance infrastructure — roads, railways, bridges and power. He added that the loans also were long-term in nature, which would benefit present and future generations. President Muhammadu Buhari on September 28, at a virtual meeting with Presidential Economic Advisory Council, justified the borrowing.

Source:https://www.msn.com/en-xl/news/other/record-breaking-86bn-debt-leaves-nigerians-stunned/ar-BB19K7GC

Any way Nigerians are stupid and illiterate.
Nigerians will not vote for a white man but they prefer to be slaves to the white man indirectly

prodigiousman:
Nigeria's debt of $85.9 billion, the highest in history, has become the talking point even as the country celebrated its 60th anniversary on October 1, 2020. The pressure on the economy has caused an 8.31 per cent increase in debt owed from the total of $79.3 billion recorded in March. By December 2005, Nigeria was rated as one of the most heavily indebted countries, owing $33.9 billion. Now the talk is on whether the money borrowed had helped or burdened the country. Abuja’s debt obligation had gone down in 2006 after the country got debt relief. The Paris Club of creditors wrote off $18 billion of that debt, while the country paid off the balance and became largely debt-free. However, in the years that followed, the public debt spiraled as officials argued for funding budget deficits and critical infrastructure. According to the National Bureau of Statistics, 34.89 per cent of the total federal and state public debt is external while domestic s for 65.11 per cent. The Debt Management Office (DMO) reported that the increase by $6.593 billion was ed for by the $3.36 billion budget loan from the International Monetary Fund, new domestic borrowing to finance the revised 2020 Appropriation Act, including the issuance of Sukuk, and Promissory Notes issued to settle claims of exporters.

Mortgaged future
The nation’s 2020 Appropriation Act had to be revised in the face of the adverse impact of Covid-19 on revenues and increased expenditure needs on health and economic stimulus amongst others, DMO explained. In spite of DMO’s reasoning, some stakeholders are concerned that Nigeria remained dependent on oil as the sole revenue-generating resource for such a long time without diversification to other revenue generating sources. Former Vice President Atiku Abubakar raised the stakes when he accused government of mortgaging the future of Nigerians and having nothing to show for amassing such debt. “Nigeria’s sovereignty may have been traded for foreign loans and God forbids our inability to service those loans, the lender country would take ownership of choice infrastructure on the Nigerian soil,” he said. President of the Progressive Shareholders Association of Nigeria, Boniface Okezie, says the debt stock is cause for worry due to the government’s declining revenue. Disagreeing with critics, Information and Culture minister, Lai Mohammed, said the ratio of debt to GDP was one of the lowest in the world at 19 per cent as at December 31, 2019. Unlike in the past when the nation borrowed to “service the crass indulgence of a few fat cats”, the loans being obtained by the current istration were being primarily used to finance infrastructure — roads, railways, bridges and power. He added that the loans also were long-term in nature, which would benefit present and future generations. President Muhammadu Buhari on September 28, at a virtual meeting with Presidential Economic Advisory Council, justified the borrowing.

Source:https://www.msn.com/en-xl/news/other/record-breaking-86bn-debt-leaves-nigerians-stunned/ar-BB19K7GC

It looks like Lagos toll Gates it is failing to pay Nigeria's debt

SUFFERInSMILIIN:


It looks like Lagos toll Gates it is failing to pay Nigeria's debt

Nigeria's problem is beyond human understanding