DEBT PROFILE: From Obasanjo to Buhari- What they each borrowed
1. Ex-President Obasanjo
External debt: Reduction from $28.04 billion in 1999 to $2.11 billion in 2007. Domestic debt: Increase from N798 billion to N2.17 trillion FG’s debt: Reduction from N3.55 trillion in 1999 to N2.42 trillion in 2007 FG’s local and foreign debt level: 31.8% reduction Exchange rate: N98.02/N116.8 to $1
2. Yar’Adua/Jonathan (2007 to 2011)
Foreign debt – Increase from $2.11 billion in 2007 to $3.5 billion in 2011 Domestic debt: Increase from N2.17 trillion in 2007 to N5.62 trillion in 2011 Exchange rate: Increase from N116.8/$1 to N156.7/$1. Percentage increase: 155% Note: Of the debt figure, Jonathan completed the tenure from May 2010 to May 2011 after the death of Yar’Adua. During the period, the debt reportedly rose from N4.94 trillion to N6.17 trillion (24.9% increase in one year).
3 Ex-President Jonathan Start of the administration (2011): External debt: $3.5 billion
Domestic debt: N5.62 trillion Accumulated debt of N6.17 trillion. 2014 Foreign debt – $6.45 billion Domestic debt – N7.9 trillion (Exchange rate also stood at N197/$1)
Total public debt (2011 to 2015): Increased from N6.17 trillion in 2011 to N9.8 trillion in 2015 (Increase of N3.63 trillion) Percentage increase: 58.8%
4. President Buhari 2015: External debt: $7.35 billion
Domestic debt: N8.84 trillion FX rate: 197 2020 External debt: $28.57 billion Domestic debt: N16.02 trillion Domestic debt: Increase by N7.63 trillion (June 2015 to December 2020) External borrowings: Increase by $21.27 billion (as of December 2020) FX: N381 (2020) Percentage increase: 173.2% from 2015
According to report by The Cable, President Buhari is the country’s biggest borrower, increasing public debt (FG component) by more than 173%. The Yar’Adua/Jonathan administration took the second spot with a 155% surge in borrowing. The third spot is occupied by the Jonathan government which recorded a 58.8% increase. In the last four administrations, only the Obasanjo administration reduced public debt.