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Nairaland Forum / Nairaland / General / Politics / Nigeria’s Debt Profile Rises To ₦32.2 Trillion (9506 Views)
₦4.2 Trillion Debt Service: Economy Is In Real Crisis, FG Admits / Debt Profile Of The 36 States As At December 2018 (Pictured) / FACT-CHECK: How Accurate Is Osinbajo’s Claim On Nigeria’s Debt Profile (2) (3) (4)
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Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by MEGA4BILLION(m): 6:07am On Jan 01, 2021 |
With the rate the present administration is borrowing, it would double by 2023 |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by vineyardfarms: 6:10am On Jan 01, 2021 |
adenigga:MR BUHARI HAS SOLD NG TO CHINA - REMAINING THE OIL WELLS 1 Like |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Grace001: 6:12am On Jan 01, 2021 |
The new figure released by DMO means that Nigeria’s debt since Buhari took over in 2015 has risen by N20.08tn in five years. He will add N12 tn Naira in the next 3 years. By the time Buhari is finished with Nigeria, it will take Nigeria another 10-15 years to get out of debts 2 Likes |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Nobody: 6:13am On Jan 01, 2021 |
adenigga: Not such a negative statistic. That would put Nigeria's debt to GDP ratio at about 30-35%? Nigeria is joining the developed countries from that perspective. After all, countries like the UK and France have debt to GDP ratios approaching 100% if not more. And even the mighty US and China have debt to GDP ratios much higher than Nigeria's. I personally don't see what the cause for alarm is, but then again, perhaps I need a couple of beers before I can see the issue from an emotional beer parlor perspective. 1 Like |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by adenigga(m): 6:18am On Jan 01, 2021 |
Grace001: You are exactly on point! Bubu is busy digesting this novel...... 1 Like
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Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Emyogalanya: 6:26am On Jan 01, 2021 |
For this new year ? Na so we go take start this year ? |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by tunapawizzy: 6:27am On Jan 01, 2021 |
meum:Unfortunately we do not have more infrastructures or developmental projects to show for it. |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by tunapawizzy: 6:39am On Jan 01, 2021 |
Grace001:15 years is small, Don't forget we will still have to be running the economy paying salaries, funding politicians lifestyle and servicing the debts at the same time...any drive by a serious government to improve the country's earnings will take about 4 to 5 years concerted effort and research activities (serious funding) before we start seeing tangible results, whether agriculture or manufacturing or whatever...and agriculture is the easiest way out, unfortunately attacks on farmers n farmlands is a serious thing to contend with now again. |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by jumper524(m): 6:46am On Jan 01, 2021 |
that's about 81 billion dollars. massive oo. |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by LZAA: 6:47am On Jan 01, 2021 |
Sai mama Sai debt Cc imhotep greenback Afonjaconehead sarrki simplyleo 1 Like 2 Shares |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by tunapawizzy: 6:49am On Jan 01, 2021 |
RisenPhoenix1:The problem is not the debt profile, the problem is what we have to show for the debt acquired. U are worth 20million bucks and take a loan of 15million bucks to acquire an asset that will increase ur productivity, another person is worth 10million n takes a loan of 2m that will not add anything to his productivity....check the debt-asset ratio ....see the one wey go soon run down 2 Likes |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Grace001: 6:50am On Jan 01, 2021 |
tunapawizzy: You’re right and demand for oil which is our major export for forex is gradually declining. God will help us all 1 Like |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Gorillabrain: 6:51am On Jan 01, 2021 |
Before oyinbo carry me as slave here make i run commot becox buhari don sell the country already. 2 Likes |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by tunapawizzy: 6:57am On Jan 01, 2021 |
Grace001:u see that oil....maybe we go drink am laslas ni....we will probably borrow to develop the agric sector eventually, if we dont use d dwindling oil money to do it NOW. 1 Like |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Grace001: 6:58am On Jan 01, 2021 |
tunapawizzy: Lol funny but true, you are right 1 Like |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Hisroyalbadmeat(m): 6:59am On Jan 01, 2021 |
Who go pay the debt, carless government ![]() |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Nobody: 7:03am On Jan 01, 2021 |
tunapawizzy: In that case, the complaints should be about the mismanagement of the moneys received and not about the debt profile itself. Then one can go into a discussion as to whether the debt was effectively utilised or not. Nigeria does not seem to be doing too badly compared to the rest of the world. Its estimated GDP growth is right around global average, despite facing an epidemic, a crash in the price of its major export, and a running insurgency. 1 Like |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Donspicey: 7:04am On Jan 01, 2021 |
BigSarah:
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Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Yankee101: 7:05am On Jan 01, 2021 |
Buhari buhari That's about 4years worth of current budget |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by nedekid: 7:07am On Jan 01, 2021 |
stonemasonn:Railway that the funds generated is not enough to buy diesel to fuel the trains not to talk of paying salaries or loan repayment. Trains that government claims to be subsidizind according to amechi. |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by stonemasonn: 7:09am On Jan 01, 2021 |
nedekid:Your president is a Marxist, just pray the train last 15years. |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by utytill(m): 7:10am On Jan 01, 2021 |
We are celebrating Buhari train but when the Chinese will start to deal with us,we will know that Buhari train was just a scam. |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by chozzy: 7:21am On Jan 01, 2021 |
This is terrible |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by tunapawizzy: 7:23am On Jan 01, 2021 |
RisenPhoenix1:at least if u want to steal, jejely steal funds from sales of crude oil n save debt acquisition for someone that will manage the funds very well......if u cant manage the funds well, then the borrowing is needless..I know the realities of GDP and all of that, but sincerely if the purchasing power of the people keeps waning, if the middle class keeps reducing in size and the lower class keeps expanding ..of what use is the GDP figures..... lets get academic a bit, tell me how GDP is measured, i might be able to point to u how inadequate data is probably giving us a wrong assessment of our GDP. |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Brushstrokes20: 7:31am On Jan 01, 2021 |
Dammmmmmmmnnnn it!... Such a useless govt of self serving thieves and sadistic Tyrant! |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Nobody: 7:33am On Jan 01, 2021 |
So why are we in debt... We need oil prices to be above $133 per barrel to balance our budget. Nigeria’s fiscal breakeven oil price – the price of oil at which Nigeria balances its budget – is very high, at US$133 per barrel, given remarkably low non-oil fiscal intakes, Fitch has estimated. And oil prices have been low since Buhari took over. So, we have to borrow. The solution is simple. Nigeria starts finding ways to earn more money, starts cutting or ending subsides, and starts the hard road to INDUSTRIES. |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Slurity(m): 7:35am On Jan 01, 2021 |
US AND BIGGER COUNTRIES DEBT FAR BIGGER THAN OURS. WE THANK GOD FOR OUR OWN |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Slurity(m): 7:37am On Jan 01, 2021 |
vineyardfarms:Who did Jonathan sold Nigeria to considering he borrowed money too despite the fat money he make from our oil? 2 Likes |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by bizzibodi(m): 7:38am On Jan 01, 2021 |
OOTIOO! ![]() ![]() ![]() |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Coolgent(m): 7:44am On Jan 01, 2021 |
32,200,000,000,000 ÷ 200,000,000 (Millions Nigerians) = 161,000. So each Nigerian is owing 161,000 Chai! Oh Allah save us from this wicked Fulani Man |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Nobody: 7:50am On Jan 01, 2021 |
stonemasonn: Buhari is not a Marxist. The Nigerian state does not control all the private companies, small and large scale. And apart from petrol and power, there are no controls on prices of common items by the State. If Buhari was a Marxist, first thing he would do is sign a law putting companies like Dangote, Innoson, etc under complete and total state control. Prices of everything, including biscuits, would be controlled by the State. Even small scale private industries would be under state control. And so on. Even housing would be allocated by the State. Eventually, we would be in worse debt than we are now, because the advantage of capitalism over communism is that capitalism makes money. Communism doesn't. At least one thing Marxists do is good tight security. Things would be much quieter...though at the expense of your human rights. 1 Like |
Re: Nigeria’s Debt Profile Rises To ₦32.2 Trillion by Nobody: 7:54am On Jan 01, 2021 |
tunapawizzy: I know it's a popular pastime in Nigeria, but you really should not make such accusations of 'stealing' based on mere street rumours. The purchasing power of people has nothing to do with the debt, and more to do with the foreign exchange policies; which; though they seem harsh on the common people, do bestow an advantage in the long run by making internal production more attractive. Manufacturing has been on the uptick this last period, as imports are getting more expensive and less attractive. Even cross border sales of everyday goods are improving in Nigeria's favour. All that is left to do is encourage more investment in the private sector, and that needs infrastructure and security; hence the borrowing. I don't think that the loan policy has been too bad. It is still somewhat on point, at least on paper; though I've not followed up on any research to see how it's actually been used. Personally, I don't have so much interest in macroeconomic trends unless they affect my personal business; which Nigeria's GDP does not, but I believe that the NBS uses the production method to compute Nigeria's GDP; i.e. the estimated net sales value of its goods and services. And even if the assessment is off, it wouldn't be by more than a few percentage points. The figures do seem to be acceptable even to advanced financial institutions like the IMF and the WB, so I never thought of questioning them. 1 Like |
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