FACT-CHECK: How accurate is Osinbajo’s claim on Nigeria’s debt profile

The Vice President, Yemi Osinbajo, on Saturday, October 27, said Nigeria’s debt was $73 billion, a $10 billion increase from $63 billion the present administration inherited in 2015.

He made the disclosure in Ibadan on Saturday during the 9th Public Lecture of Sigma Club at the International Conference Centre, University of Ibadan.

THE CLAIM
“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 billion, an increment of $10 billion from the $63 billion inherited in 2015,”

VERIFICATION OF CLAIM
To verify the claim, PREMIUM TIMES and Dubawa, used data from the Debt Management Office (DMO), the agency officially responsible for managing Nigeria’s debt.

According to the DMO, as at June 2015, the external debt of the Federal Government of Nigeria (FGN) and the 36 states was $10.316 billion; domestic debt (FGN only) was $42.633 billion while domestic debt of states was $10.856 billion. These give a total public debt of $63.806 billion as at June 2015.

Also, according to the same document from Debt Management Office, the total public debt as at June 2018 stood at $73.207 billion with breakdown as follows: federal government and the 36 states owed $22.083 billion, domestic debt (FGN Only) was $39.749 billion and total domestic debt of states and the FCT stood at $11.374 billion.

Further analysis of Nigeria’s debt also revealed that in 2012, Nigeria’s debt was $48.496 billion; in 2013, it was $64.509 billion; in 2014, it was $67.726 billion; in 2016, it stood at $57.391 billion; and as at December 31, 2017, the total debt was $70.999 Billion

These official figures tally with those quoted by the vice president who said “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.”

There was no available record on the website of the Debt Management Office for 2010 and 2011; so it is difficult to verify Mr Osinbajo’s debt figures for those two years.



However, going by available data on public debt from 2012 till date, the total debt of the country in 2015 was $63.806 billion while the current debt figure as at June 2018 stood at $73.207 billion. Both are same as the figures quoted by the vice president on Saturday.

Therefore, the claim by the vice president that the Buhari administration has increased the nation’s debt by $10 billion from $63 billion it inherited in 2015 is TRUE.

https://www.premiumtimesng.com/news/headlines/293012-fact-check-how-accurate-is-osinbajos-claim-on-nigerias-debt-profile.html

Lack of management is their major problem. We are done with them.. Let's continue Atikulating

Atiku can never and will never be my option...

In 2010 our debt was $35 billion, $41 billion in 2011, $48 billion in 2012, $64 billion in 2013, $67.7 billion in 2014

PDP went from $35billion in 2010 to $67.7billion in 2014. This is almost 100% debt increment in one term. Where did 32.7billion dollars go?
They shared it!

Osinbajo should stop confusing issues. The FG external debts should be separated from State Debts. A state like Lagos that have mounted billion of debts in Dollars was not under PDP.

The graph below shows who mounted what debts. It took PDP 16 years to wipe out Nigeria debts and only raised $10b. However, in just 3 years, APC doubled what took PDP 16 years

tribalmall:
. But seriously are you Igbos robots or just plainly idiots. With glaring fact that Buhari did not increase the debt exponentially like your PDP claimed you are still here shouting nonsense.

Within a period of 6 years, they managed to also deplete the country savings by another $30 billion dollars, while they earned 400 billion dollars in 5 years, yet nothing to show for it. PDP nearly bankrupt this country.

PDP almost looted Nigeria out of world map. Look at Dubai, look at Nigeria. They did something with their oil money.
The likes of Atiku takes our money there to enjoy themselves.

the VP is a certified lier.
the only thing APC does well is to borrow and borrow, so, Monkey VP should shut up

deji17:
PDP almost looted Nigeria out of world map. Look at Dubai, look at Nigeria. They did something with their oil money.
The likes of Atiku takes our money there to enjoy themselves.

But you've the same PDP members in APC. You had the Atiku who was a cosponsor of Buhari's campaign in 2015. Why wasn't he condemned then?

Temple1288:



But you've the same PDP members in APC. You had the Atiku who was a cosponsor of Buhari's campaign in 2015. Why wasn't he condemned then?

He was a member. You cannot deny him membership. But he was not the President or the VP . These are the key people running the affairs of the Govt.

Why Nigerians will be making a big mistake by making 2019 voting decision base on current Hardship under PMB

Jonathan PDP Govt 2010 to 2014

Oil Revenue $381 billion dollars.

Debt increased by $29 billion (From $35bn to $64bn)

Reserves dropped by $6bn ($36bn to $30bn in May 2015)

There was increase in enjoyment due to promotion of consumption and free money.

Buhari APC govt 2015 to 2018.

Oil revenue $112billlion dollars.

Debt Increased by $10billion dollars ($63bn to $73bn)

Federal Reserves increased by $12billion dollars ($30bn in 2015 to about $42bn in 2018)

There is relative increase in hardship due to less free money, relatively less focus on consumption despite low revenue and some focus on capital expenditure.

As a neutral Observer
which of the two above is better in terms of fiscal reaponsibility?.

Main Source of data:

https://www.premiumtimesng.com/news/top-news/292875-nigerias-debt-only-increased-10-billion-since-buhari-assumed-office-osinbajo.html

https://tradingeconomics.com/nigeria/foreign-exchange-reserves


The cry of hardship has not been looked into Objectively.

A drop of oil Revenue from $381bn to $112bn cannot be replaced with magic.

Actually PMB govt has done well with the level of hardship we have today. With the drop in oil revenue shown above, I expected the hardship to be much more than it is today.

One of the reason the hardship is not much relative to drop in revenue is because alot of the money from oil boom during Jonathan era were spent abroad buying houses in dubai, US, Canada etc. Hence the hardship is less compared to the drop in oil revenue because a good portion of the money was not in Nigeria economy.

A drop from $381bn to $112bn is a drop of around $269bn . With our current Fed Govt budget of around $30bn( 9trillion Naira), that drop is equivalent to about 9 years of federal govt Budget.

For those who like comparing with Obj govt.

The govt of IBB, Abacha and Abdusalam from 1990 to 1998 only earn $120bn dollar from oil

Obj/Yar adua from 1999 to 2009 earned $481bn due to higher oil production and increasing price. Nigeria just started deep water oil production during Obj. Hence increased volume of oil export. Currently many of those oil fields( Akpo, Usan, Agbami, Bonga) are producing about 70% or less of thier initial capacity. During Obj, most of the foreign sanction impose on Nigeria by US, UN and EU because of Abacha millitary govt were removed. Higher oil revenue and Sanction relief created the economic improvement under Obj.

And again Nigeria population has almost doubled. From 120million in 1999 to about 200million today with declining resources (oil).

Ngozi Nkonjo Iweala understood how Nigeria economy solely depend on oil price. That was why during Q3 2014 when oil price drop from 100 dollar to 70 dollars, she was already warning us to prepare for recession in 2015. She was already borrowing to pay salary in Q4 2014. During Buhari govt, oil price dropped as much as 28dollars per barrel at its worst though averaged 40 dollars with reduced oil production.

We need aggressive diversification of the economy.

PDP looted and looted for 16 years. Destroyed the fabric of the society with their corrupt ways.

Now you ask what has changed? What has changed are the roads, airports and other infrastructure being completed. The foreign reserve that is rising despite reduced oil income and less Govt borrowing compared to the past.

Well, It is sad what this stupid leaders turned us into.


I Personally checked the DMO website to confirm
the VP claim and it turn out to be true.

Please help me with some money to feed and transport
to school. I am really struggling here in school.
fidelity- 6320004695. eze izuchukwu

Osinbajo should stop confusing issues. The FG external debts should be separated from State Debts. A state like Lagos that have mounted billion of debts in Dollars was not under PDP.

This is exactly what I mean when I say PDP is politically incapable of running government, whether in ruling capacity or in opposition. You ran govt by default, not with any doctrines or ideals for social progress. The set of people that ran PDP at national level would not succeed running a Council in any Local Govt in SW; and this is a fact statement because we see what happened to PDP in SW over the years.

You are asking the Central Govt not to account for debts in its Sovereignty. Is that what I read in your statement above? Are you aware that debt is a component of national security? So you want to calculate GDP using productivity at State level but selectively skip their debts in national accounting? That's how PDP left holes open for illegitimate bank accounts and funds to float around. APC takes government business serious!

Pastor Tunde Bakare prophesied sometime in 2010/2011, that Jonathan's destiny was to bankrupt the economy and balkanize the country.


Jonathan despite being forewarned, made sure the prophesy was realised.

PDP and lies.....
The VP was right...I just cross checked with DMO

Out of the 16yrs PDP spent in govt, half of it...8yrs was wasted in personal antagonism between a President and his Vice. They left govt business to the side and made ridicule of themselves on national tv.

Throwback:
Pastor Tunde Bakare prophesied sometime in 2010/2011, that Jonathan's destiny was to bankrupt the economy and balkanize the country.


Jonathan despite being forewarned, made sure the prophesy was realised.

Quite unfortunate.

chomchom1:
Lack of management is their major problem. We are done with them.. Let's continue Atikulating

Did you read what was posted at all ?

Throwback:
Pastor Tunde Bakare prophesied sometime in 2010/2011, that Jonathan's destiny was to bankrupt the economy and balkanize the country.


Jonathan despite being forewarned, made sure the prophesy was realised.

But he never saw a prophesy that Buhari will send Nigeria into it 2nd recession?


The same Bakare never saw a vision about how he will win the presidential elections


Bakare will only sing when you call him to come and eat.

abc115:

Hypocrites benue slaughter is smiling at u come nextyr.

Osinbajo doesn't just talk without back up.

Jonathan really ruined this country. Sadly, he's just somewhere in otuoke enjoying the money he looted while Buhari takes all the blame for not being able to clear all the mess Jonathan and his party got us into.

Nemesis001:

But he never saw a prophesy that Buhari will send Nigeria into it 2nd recession?


The same Bakare never saw a vision about how he will win the presidential elections


Bakare will only sing when you call him to come and eat.

I thought you would have lamented that the information about the debt is false?

But you want the same locusts back in power?

MetaPhysical:
Out of the 16yrs PDP spent in govt, half of it...8yrs was wasted in personal antagonism between a President and his Vice. They left govt business to the side and made ridicule of themselves on national tv.

While 2yrs out of 3 and half yr of current APC was spent on blaming jonathan and blaming perceived political enemies. lol wake up next yr. We are tired of buhari. Same grace is now hitting him front and back.
I watched lai mohammed last nyt on channels he couldn't say one tamgible thing why we have to vote for buhari next yr. lol laughable. We cant afford third recession. no more. God has spoken.

Throwback:



I thought you would have lamented that the information about the debt is false?

But you want the same locusts back in power?

Of course ,the information just as the dwarf pastor is false. It's a written epistle by BMO.



APC government borrowed twice what PDP borrowed in 16years.


Make no mistake, Federal government external debt shouldn't be added to state debts.

The debt management profile confirm what PYO said is the truth

seunmsg:
Jonathan really ruined this country. Sadly, he's just somewhere in otuoke enjoying the money he looted while Buhari takes all the blame for not being able to clear all the mess Jonathan and his party got us into.

Lmaooooo, a thread for zombie masturbation.
APC emptied our national wealth to settle where they borrowed campaign money of 2014. and set us into recession.
They have started another futile effort. Ordinary Nigerians on the street are the main deciders come nextyr. We will decide judging from what we have seen last 3yrs.
not online sycophancy.