Records obtained from the Debt Management Office showed that four months after Jonathan became Acting President, the total debt profile stood at N4.18tn (as at June 30, 2010). Under President Goodluck Jonathan, the Federal Government has borrowed over N2.5tn.
This shows that within a period of 24 months or two years, the Federal Government debt profile rose by 61.48 per cent.
Analysis of the debt increment between June 30, 2010 and June 30, 2012 shows that the Federal Government borrowed an average of N107.08bn every month for 24 months or a total of N1.285tn per annum.
If the increment in debt profile is subjected to daily analysis, the Federal Government borrowed N3.52bn every day for a period of two years.
This debt profile is exclusive of the nation’s total debt portfolio as it is more difficult to determine the total indebtedness of the subnational government - the state and local governments.
The DMO also put the external indebtedness of the 36 states of the federation and the Federal Capital Territory at N344.96bn as at June 30, 2012.
Unfortunately, the Federal Government had recently presented to the National Assembly a plan to borrow another $8bn from external sources for infrastructure development. Should it go ahead with the $8bn loan, the move will balloon the Federal Government’s foreign debt to $13.91bn.
Reacting to the sad development, President of the Campaign for Democracy, Dr. Joe Okei-Odumakin, said the increasing indebtedness was a sign that the nation’s resources were being mismanaged and portend a great danger to the economy.
She said, “Increasingly, we cannot meet all our obligations. As we are speaking, some agencies have not received their allocations. The increasing debt is going to have a skyrocketing effect on the economy; repaying of the loans.
“We are busy collecting loans that we don’t need and loans that are not properly utilised. It boils down to corruption. There is a cause to worry."
If the increment in debt profile is subjected to daily analysis, the Federal Government borrowed N3.52bn every day for a period of two years.
This debt profile is exclusive of the nation’s total debt portfolio as it is more difficult to determine the total indebtedness of the subnational government - the state and local governments.
The DMO also put the external indebtedness of the 36 states of the federation and the Federal Capital Territory at N344.96bn as at June 30, 2012.
Unfortunately, the Federal Government had recently presented to the National Assembly a plan to borrow another $8bn from external sources for infrastructure development. Should it go ahead with the $8bn loan, the move will balloon the Federal Government’s foreign debt to $13.91bn.
Reacting to the sad development, President of the Campaign for Democracy, Dr. Joe Okei-Odumakin, said the increasing indebtedness was a sign that the nation’s resources were being mismanaged and portend a great danger to the economy.
She said, “Increasingly, we cannot meet all our obligations. As we are speaking, some agencies have not received their allocations. The increasing debt is going to have a skyrocketing effect on the economy; repaying of the loans.
“We are busy collecting loans that we don’t need and loans that are not properly utilised. It boils down to corruption. There is a cause to worry."
Jonarhan dont know any thing about governance and should be flushed out
ReplyDeleteWhat does the future hold for us?.. our leaders are comfortably taking us back to slavery just to enrich their families, expensive lifestyle.... The future is not bright with these reckless mismanagement. Even faith and hope will do little when reality kicks in
ReplyDeleteThe National Assembly sld not accept it otherwise they are thieves and rogue as OBJ said
ReplyDeleteThats d problem just give a southerner a small opportunity and u will regret it for life, just ask urselves why did d colonial masters handed power to the north b4 leaving nigeria? bcos they know wat can happen under ppl dat hv criminal tendencies.
ReplyDeleteu most be silly 4 this comment all the debt that OBJ pay off durring his time who are the pple collected the money and eat it without any changes or developement in nigeria is it not northerner, check the profile of yardua in 2yr plus wht is d diffrent does it make any diffrent imagine his alive
DeleteThats d problem just give a southerner a small opportunity and u will regret it for life, just ask urselves why did d colonial masters handed power to the north b4 leaving nigeria? bcos they know wat can happen under ppl dat hv criminal tendencies.
ReplyDeleteShut up your smelling mouth.How did the north ruled us for over 30 yrs.Is Jonathan not better than them?.Jonathan might not be suitable for us but that does not mean north ruled well.
ReplyDeletethis just the point i do said here many time did gej deserve second term we are just complain about OBJ let go tru track record obj is the only president that always leave money in our reserve without or little debt b4 he left office let be realistic obj may have his personer agenda on gej regime but the point remain if any1 of us send a boy to somewhere to make u happy and he get there doing rubish you wont happy coss many pple will be laugh at you that just the pooint obj may be wrong but no1 know how gej portray for him b4 he stand 4 him and let him b thr truth is bitter but if is gonna take life sometime let say it
ReplyDeleteGEJ is a MUGU/MUMU who deos not know what d hell is going on as he just sit there and sign papers 4 d looters to steal money.He's going to bankrupt d country very soon.Its only a bloody revolution that will stop these mess to wipe these bastards away.
ReplyDeleteWhy are u pple so sentimental, 4get about Regions or tribes, let‘s concentrate on individual personalities. The question is dat is GEJ a leader or ruler? A Democrat or Dictator? Nation bulider or destroyer(Economically)? One more word, if u wnt 2 know good fish smell its head. If d head is good, then d whole fish is good & vise versal. Attribute of a leader reflects on its subordinates. Reflect ur mind back to 1960s, who were leaders & who are rulers, who were concerned & who are corrupt, who were killed & who are living. We should all go in2 prayer & fasting, my God 4give Nigerian, becos d blood of innocent killed is @ wrk. May God liberate this country 4rm shackle of so call Nigerian rulers. From, Y.N.D. Kazaure
ReplyDelete