Buhari has borrowed $5billion and 4 trillion Naira in 2 years

Information obtained from the National Debts Office indicates that the government of President Muhammadu Buhari has incurred external debts in the amount 5 billion dollars within the past two years.

The government has also incurred domestic debt of about 4 trillion Naira within the same period.

• Jonathan borrowed $6billion and 5 trillion Naira in 5 years.
• Buhari has borrowed $5billion and 4 trillion Naira in 2 years.

According to figures obtained by Elombah.com, the quantum of external debts by the end of 30 June 2017 stood at $15.047 billion.

Whereas the figure of external debt by 30 June 2015 was $10.316 billion.

The quantum of domestic debts by 30 June 2017 was 12.035 trillion, whereas it stood at 8.396 trillion by 30 June 2015.

On the other hand, former President Goodluck Jonathan borrowed 6 billion dollars and 5 trillion Naira in five years.

Nigeria’s external debt portfolio by 30 June 2010 was $4.269billion but rose to $10.316 billion by 30 June 2015.

Whereas the domestic debt portfolio stood at 3.760 trillion Naira on 30 June 2010 but rose up to 8.396 trillion by 30 June 2015.

Meanwhile President Muhammadu Buhari has sought approval of National Assembly to $5.5 billion Foregin loan. 

The letter was read on the floor by Senate President,  Bukola Saraki,  a week after the Minister of Finance, Kemi Adeosun claimed that the letter is already in the    National Assembly. 

The letter  which was read dated October 4, 2017.

Buhari said in the letter that the terms and conditions of the proposed External borrowings of $5.5 billion  not yet known until the point of issuance. 

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