Nigeria as a government, every government has its own policy and mission within it’s jurisdiction and ensure better governance. But what makes other government different by keep huge debts to the ggvgvg hvg gtvgvtt government to make technology greater level and enhanced infrastructure.
During president Olusegun Obasanjo, he borrowed billions of naira to build a light rail in lagos , and embarked on the project and succeeding governor abandoned the project for his full term of four years oat 65 per cent completion when he should have started paying down on the loan.
Nigeria as a government, every government has its own policy and mission within it’s jurisdiction and ensure better governance. But what makes other government different by keep huge debts to the coming government to make technology greater level and enhanced infrastructure.
During president Olusegun Obasanjo, he borrowed billions of naira to build a light rail in lagos , and embarked on the project and succeeding governor abandoned the project for his full term of four years oat 65 per cent completion when he should have started paying down on the loan.
According to nigerians domestic product GDP, that would have continued to be served but become such loans are federally guaranteed. At the same time, there are bus terminal that were presidentially declared open but not used.
From 2000 to 2007, Obasanjo government has borrowed a debt of 1 million dollars which became 5 million in spite if the fact that over time, you had rapid of about 1. 2 million dollars and collects loan from banks and private sector and multilateral institutions.
Federal Government’s Borrowing Trend in The Last 21 Years, the borrowing of Nigeria government from the year 1999 to 2007 during Obasanjo administration was 2.4 trillion naira, it raised from 2007 to 2011 during president yar’adua/ Jonathan to 6.17 trillion naira, 2011 to 2015 it raised to 12.12 trillion naira and from 2015 to 2021 president Buhari administration it boost to 26.91 trillion naira.
To umaru Musa Yar’aduas administration, since he was elected as nigerians president on april 21st 2007 and took over power by may 2010.
President Muhammadu Buhari’s current tenure has seen 0.41 percentage point drop in growth rate (from 2.65 percent to 2.21 per cent), have take nigeria in and out of two recession, no thanks to slump in oil prices and the COVID-19 pandemic.
As of 31st , march 20, total borrowing by nigeria from china was USD, 3.121 billion (1, 126, 68 billion at USD/361 per dollar. The amount presented only 3.94% of nigeria total public debts.
The fix rates of naira to dollar (#=$) as at the following years From 1999 to 2007, the price of $1 to naira was #116.8, from 2007 to 2011 it raised to #156.7, increment was made in the year 2007 to 2011 from #116.8 to #195.95 and from 2015 to 2021 it raised to #381.0.
SOURCE: DMO BUDGET OFFICE
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