Nigeria’s public debt has been on the rise despite securing debt relief during the Olusegun Obasanjo led administration, successive government have continued on a borrowing spree, the federal government components of the public debt surging 658 percent to #26.9 trillion in the last 21 years.
From 1999 to 2007 Obasanjo tenor he collect debt of #2.42 trillion, 2007 to 2011 yar’adua/Jonathan collected debt of #6.17 trillion,l from 2011 to 2015 Jonathan collected debt of #12.12 trillion and from 2015 to 2021, president Bihari collected the debt of #26.91 trillion.
this has raised concern among Nigerians on the debt sustainability of the country amid dwinling revenue to meet the debt obligations to creditions .
within two weeks the Senate approved three different loan request by president Muhmmadu Buhari as of March 2021, Nigerians total public debt has hit #33.1 trillion.
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