-Chidi Odinkalu, a rights activist, raised alarm about the rising debt profile of Nigeria under Pres. Muhammadu Buhari which he says is seven times higher than it has been.

-The total debt profile of Nigeria stands at over N35 trillion, the highest since 1999 when Nigeria returned to civilian rule.

-The biggest lender to Nigeria remains China which seized a critical infrastructure in Uganda recently and people fear the same fate may befall the country

Rights activist, Chidi Odinkalu, has said Nigeria’s debt profile has increased three times in the last seven years, that is since Muhammadu Buhari mounted the saddle as Nigeria’s president.

Odinkalu said this in a tweet but did not expatiate as he only provided an undated chat from the Nigeria Bureau of Statistics (NBS).

Odinkalu may not be an economist but available data from Debt Management Office (DMO) says Nigeria’s debt profile has soared to about N35.65 trillion recently because of increased borrowing by Buhari's government.

Trillions owed to China by Nigeria
In total, Nigeria has agreed to N2.324 trillion ($5.6 billion) in loans from China. But as of March 2020, Beijing had disbursed over N1.4 trillion ($3 billion).

Nigeria uses the Chinese loans to develop critical infrastructure including railways, one of which goes to Maradi in the Niger Republic, being built by the Buhari government.

Recently, China seized the only International Airport in a Central African country, according to reports which were later loosely denied, fuelling speculations that Nigeria’s infrastructure may yet travel the same route since the country continues to borrow, the Source magazine said.

Nigeria spent N167 billion ($402.74 million) in a year and a half servicing bilateral loans. The country borrowed N166 trillion ($400m) to service them.

Interest keeps accumulating
The interest on the new loan is still accumulating, as it adds to the former debts.They consist of an average of 14% of the total external debt, according to DMO.

A Premium Times report says that Nigeria’s external loan reached N11.786 trillion by Dec.2020, meaning an extra N8.827.05 trillion had been accumulated under the Buhari administration alone — three times the combined amount by past governments since 1999.

For domestic debt, which is thought to be relatively slightly toxic to the value of Naira, the figure increased from N795 billion in 1999 when the Obasanjo’s government came to power, to N8.8 trillion in 2015 when the Buhari became president.

By December 2020, Nigeria’s domestic debt stood at N16.02 trillion twice as much as the total amount taken by the past three governments of Obasanjo, Yar’Adua and Jonathan. The domestic and foreign debt figures are higher now as the government keeps borrowing more in 2021.

Where the loans came from?
Legit.ng had reported that the Nigerian leader sought approval from the National Assembly to borrow $4,054,476,863.00, €710 million and a grant of $125 million.

In a letter read by the Senate president, Ahmad Lawan, President Buhari explained that the loan sought is to finance critical projects in the 2021 budget.

Amid the heated reactions generated by the president's move, Legit.ng takes a look at Nigeria's current debt profile and the places where the loans were obtained from.

https://www.legit.ng/business-economy/economy/1447277-odinkalu-nigerias-public-debt-profile-has-tripled-7-years-china-maybe-angling-own-country/ Lalasticlala

Nigeria spent N167 billion ($402.74 million) in a year and a half servicing bilateral loans. The country borrowed N166 trillion ($400m) to service them.


The interest on the new loan is still accumulating, as it adds to the former debts.They consist of an average of 14% of the total external debt, according to DMO.

A Premium Times report says that Nigeria’s external loan reached N11.786 trillion by Dec.2020, meaning an extra N8.827.05 trillion had been accumulated under the Buhari administration alone — three times the combined amount by past governments since 1999.

Just imagine! The Ahmed Lawan & Femi Gbaja led-NASS have given the man on seat today the go ahead to wreck whatsoever is left of this failed nation with chronic borrowing & indebtedness. Debt serving is not debt payment but the dumbass no dey hear.

It's well

What is this left activist saying

China must also be eyeing USA assets

Another hearsay ipob terrorist forming economic analysis.

Racoon:
Just imagine! The Ahmed Lawan & Femi Gbaja led-NASS have given the man on seat today the go ahead to wreck whatsoever is left of this failed nation with chronic borrowing & indebtedness. Debt serving is not debt payment but the dumbass no dey hear.

Acute wailing since 2015.

Oh boy, give it a rest

I wish China can borrow Nigeria 400 trillion dollar it will go a long way for our country .

Una never see anything just wait until the Bullion van man takes over from his friend Buhari he will kuku sale the whole country to China and collect money put in his personal Bullion vans.

[s]

helinues:
Acute wailing since 2015.Oh boy, give it a rest.

[/s]"The major catastrophe about Buhari administration is, they are not open to criticism in whatever guise. Once an attempt is made to call out a specific govt's policy, as usual a brigade of its hirelings,propagandists and foot-soldiers will be quick to brandish such a person, group or individual an enemy of state and other unprintable names..."
http://saharareporters.com/2020/06/20/insecurity-sleeping-president-adbullahi-d-mohammed

God I wish everyone in the federal government would stop taking out tax money and force people like buhari out of being allowed to go on billion dollar vacations while showing open support for terrorism but La dee da we can’t do shit unless we want another shitty and pointless civil war because of those clowns

[s]

Tinubuadvocate:
Another hearsay ipob terrorist forming economic analysis.

[/s] "Sometimes, people dont want to hear the truth because they dont want their illusions destroyed." -Friedrich Nietzsche.

China should come and inherit NASS.... that place is useless...

If Dumbluck Jonathan did not squander our savings, we wouldn't be borrowing now.



Obasanjo and Yar Adua saved for the rainy day, Dumbluck Jonathan finished everything.



I know his attack Dogs will come for me, they will say I am doing blame game after 60 years.




Is it Yesterday that one saves for today, or it's today that you save for today?





DUMBLUCK JONATHAN WAS A CALAMITY

Racoon:
[s][/s]"The major catastrophe about Buhari administration is, they are not open to criticism in whatever guise. Once an attempt is made to call out a specific govt's policy, as usual a brigade of its hirelings,propagandists and foot-soldiers will be quick to brandish such a person, group or individual an enemy of state and other unprintable names..."
http://saharareporters.com/2020/06/20/insecurity-sleeping-president-adbullahi-d-mohammed

What Propaganda are you talking about?


Even your Dumbluck Jonathan that sold crude at the highest price since 1914 took loans to pay ordinary salary.


Here is his debt profile

If is finished

If China can take over Nigerian assets it would still be better there wouldn't be corruption and Money laundry
After all Nigerian are not benefiting anything from the assets.

Igbo people always like to raise unnecessary alarm

Buhari said he would correct the ills of the previous government but here we are in a deeper hole

Is Lagos state an asset?

helinues:
What is this left activist saying

China must also be eyeing USA assets

you never disappoint from the position we placed you.