Nigeria’s debt now stands at $73bn-VP Osinbajo

Kindly Share This Story:

Nigeria’s Vice-President, Prof. Yemi Osinbajo.

Nigeria’s debt has risen to $73 billion from $63 billion inherited from the past administration of Goodluck Jonathan.

President Muhammadu Buhari’s government has so far borrowed $10 billion since its inception in 2015.

Vice President, Yemi Osinbajo stated this in Ibadan during the 9th Public Lecture of Sigma Club, adding the government inherited $63 billion debt from the previous administration.

Nigeria’s debt now stands at $73 billion,” he said.

His lecture was on the topic ‘Developing the Nation Through Youth Empowerment.’

In 2010 our debt was $35 billion, $41 billion in 2011, $48 billion in 2012, $64 billion in 2013, $67.7 billion in 2014, $63.8 billion in 2015, $57.8 billion in 2016, $70 billion in 2017 and $73 billion in 2018.

“The nation’s debt as at today was $73 bilłion, an increment of $10 billion from the $63 billion inherited in 2015,” he said.

Osinbajo stayed that from oil, the nation earned $119.8 billion from 1990 to 1998, $481 billion from 1999 to 2009 and $381 billion from 2010 to 2014, while present administration has only earned $112 billion from June 2015.

The earnings from oil from 2010 to 2014 were the highest recorded in the history of the country. This is a period when the price of oil per barrel sold from $100 to $114.

Grand Corruption 
The Vice President said that the most important drain on the nation’s public purse was grand corruption, saying the nation would earn more revenue if such was addressed.

“In a 2015 transaction met by this administration, a sum of $67 million was made without a purpose for it. So also is another $292 million,” he said.

The Vice President also listed lack of commitment to diversification of the economy as one of the problems which affected the economy.


Kindly Share This Story:

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *

amehnews greetings

x
%d bloggers like this: