The Nigerian Senate has blamed the country’s debt profile on past presidents.
Chairman of the Senate Committee on Finance, Senator Solomon Olamilekan Adeola, blamed ex-President Olusegun Obasanjo, Umaru Musa Yar’Adua, and Goodluck Jonathan for Nigeria’s high death profile.

Adeola said the high debt profiles accumulated between 1999 and 2015.

The lawmaker disclosed this on Wednesday during consideration of the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.

In a statement forwarded to DAILY POST by spokesman of the Senate President, Ahmad Lawan, Ezrel Tabiowo, the lawmaker said Adeola disclosed this when asked by Lawan to make clarifications on concerns raised by lawmakers over Nigeria’s debt profile during deliberation on the report of the Joint Committees on Finance; Local and Foreign Debts; Banking, Insurance and Other Financial Institutions; Petroleum Resources (Upstream); Downstream Petroleum Sector and Gas on the 2022-2024 Medium Term Framework.

According to the lawmaker a “huge part of Nigeria’s total debt profile roughly estimated at N33trillion naira were incurred by past administrations dating back to the military era.”

He added: “Majority of the loans being repaid presently by the President Muhammadu Buhari administration were ones accumulated from the times of the military to those of the PDP administration under Ex-Presidents Olusegun Obasanjo, Umaru Musa Yar’Adua and Goodluck Jonathan, between 1999 and 2015.

“The borrowing you are saying is accumulated borrowing. It is not a borrowing of this administration alone, it is a borrowing that stems from the days of the military to the days when the Democratic dispensation started.

“It is an accumulated loan, it is not a loan that says that it is the current administration of President Buhari that has borrowed.


“It is a loan that has been borrowed by the previous administration – the Obasanjo, the Jonathan, the Yar’Adua of this world.

“[And] since the business of government is a continuum, the President of the day has no choice but to continue to pay back all these loans that have been borrowed by the previous administrations.

“More than three-quarter of these loans you’re seeing were borrowed from the previous administrations, and we are paying back – we are doing what is supposed to be done, the way it is supposed to be done.

“So, when my colleague said that for every sixty-seven naira of any loan that was borrowed, we are using to pay, he should know that more than sixty naira of it are loans borrowed by the previous administration. And that is where we are.”

ogododo:



The Nigerian Senate has blamed the country’s debt profile on past presidents.


Chairman of the Senate Committee on Finance, Senator Solomon Olamilekan Adeola, blamed ex-President Olusegun Obasanjo, Umaru Musa Yar’Adua, and Goodluck Jonathan for Nigeria’s high death profile.

Adeola said the high debt profiles accumulated between 1999 and 2015.

The lawmaker disclosed this on Wednesday during consideration of the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.

In a statement forwarded to DAILY POST by spokesman of the Senate President, Ahmad Lawan, Ezrel Tabiowo, the lawmaker said Adeola disclosed this when asked by Lawan to make clarifications on concerns raised by lawmakers over Nigeria’s debt profile during deliberation on the report of the Joint Committees on Finance; Local and Foreign Debts; Banking, Insurance and Other Financial Institutions; Petroleum Resources (Upstream); Downstream Petroleum Sector and Gas on the 2022-2024 Medium Term Framework.




According to the lawmaker a “huge part of Nigeria’s total debt profile roughly estimated at N33trillion naira were incurred by past administrations dating back to the military era.”

He added: “Majority of the loans being repaid presently by the President Muhammadu Buhari administration were ones accumulated from the times of the military to those of the PDP administration under Ex-Presidents Olusegun Obasanjo, Umaru Musa Yar’Adua and Goodluck Jonathan, between 1999 and 2015.

“The borrowing you are saying is accumulated borrowing. It is not a borrowing of this administration alone, it is a borrowing that stems from the days of the military to the days when the Democratic dispensation started.

“It is an accumulated loan, it is not a loan that says that it is the current administration of President Buhari that has borrowed.


“It is a loan that has been borrowed by the previous administration – the Obasanjo, the Jonathan, the Yar’Adua of this world.

“[And] since the business of government is a continuum, the President of the day has no choice but to continue to pay back all these loans that have been borrowed by the previous administrations.

“More than three-quarter of these loans you’re seeing were borrowed from the previous administrations, and we are paying back – we are doing what is supposed to be done, the way it is supposed to be done.

“So, when my colleague said that for every sixty-seven naira of any loan that was borrowed, we are using to pay, he should know that more than sixty naira of it are loans borrowed by the previous administration. And that is where we are.”

https://dailypost.ng/2021/09/22/obasanjo-yaradua-jonathan-responsible-for-nigerias-high-debt-under-buhari-senate/

LordviccoDaGuru:
Gbam!!!

I have said this before and am still saying it... It's the damages PDP put Nigeria �� through that's bringing about loan. Buhari is not responsible for any loan he has been borrowing, if I am Buhari I will keep borrowing after all it was the past govt that caused it.

If we can't borrow then how can we stabilizer the economy after 16 locust useless years of the PDP?

The good president Buhari has done for Nigeria �� in future time to come we will still be enjoying it... I advise Buhari to come back again in 2023 he alone knows the key. Buhari till 2031 after 2031 Buhari will hand over to Yusuf Buhari.

LordviccoDaGuru:
Gbam!!!

I have said this before and am still saying it... It's the damages PDP put Nigeria �� through that's bringing about loan. Buhari is not responsible for any loan he has been borrowing, if I am Buhari I will keep borrowing after all it was the past govt that caused it.

If we can't borrow then how can we stabilizer the economy after 16 locust useless years of the PDP?

The good president Buhari has done for Nigeria �� in future time to come we will still be enjoying it... I advise Buhari to come back again in 2023 he alone knows the key. Buhari till 2031 after 2031 Buhari will hand over to Yusuf Buhari.

LordviccoDaGuru:
Gbam!!!

I have said this before and am still saying it... It's the damages PDP put Nigeria �� through that's bringing about loan. Buhari is not responsible for any loan he has been borrowing, if I am Buhari I will keep borrowing after all it was the past govt that caused it.

If we can't borrow then how can we stabilizer the economy after 16 locust useless years of the PDP?

The good president Buhari has done for Nigeria �� in future time to come we will still be enjoying it... I advise Buhari to come back again in 2023 he alone knows the key. Buhari till 2031 after 2031 Buhari will hand over to Yusuf Buhari.

LordviccoDaGuru:
Gbam!!!

I have said this before and am still saying it... It's the damages PDP put Nigeria �� through that's bringing about loan. Buhari is not responsible for any loan he has been borrowing, if I am Buhari I will keep borrowing after all it was the past govt that caused it.

If we can't borrow then how can we stabilizer the economy after 16 locust useless years of the PDP?

The good president Buhari has done for Nigeria �� in future time to come we will still be enjoying it... I advise Buhari to come back again in 2023 he alone knows the key. Buhari till 2031 after 2031 Buhari will hand over to Yusuf Buhari.

NGpatriot:

AntiBMC:
These shameless things have started blaming PDP for their failures again.

NGpatriot:
[s][/s]



Some discussions are not for ignorant and unintelligent ipob BiafraNISTAN Jihadi miscreants.

NGpatriot:
Not too long after they entered office, they killed the economy, but couldn't hide or run away from their failure by 2014 so they had no choice but to declare austerity measures even though under this woman and Jona, they collected the largest oil earnings in the history of Nigeria..

Racoon:
Even when it is obvious they have have borrowed more than all the past governments they are causing have ever borrowed combined? All the people under this government are always sounding incredibly stupid.

NGpatriot:



Did Jona and Okonjo return all the money they looted and the hundreds of billions they borrowed to pay worker's salaries after accumulating the largest oil earnings in the history of Nigeria?

If the economy was so good under them, why keep borrowing hundreds of billions to pay worker's salaries up until their last weeks in office before handing over to PMB?

You Igbos can not make elementary sense to save your ignorant lives..

ogododo:


How much buhari don borrow? How much GEJ, Yardua, OBJ borrowed. Na how to reason be dat, compare and stopping acting like zombie!