- Since President Muhammadu Buhari came in 2015, he has lend N21 trillion from African and international financial creditors
- Nigeria’s debt has increased to N33.1 trillion in the last five years as a break down of the loan showed that the country borrows over N10 billion daily
- The country spends about half of its total revenue to service its growing debt, and use the remaining to pay salaries of government workers
Each Nigerian is a debtor, owing over N160,000 due to the amount of loan borrowed by President Muhammadu Buhari since he came into power after the Presidential election in 2015.
A breakdown of the debt linked to President Buhari’a administration showed that on a daily basis, the country secure over N10 billion within the last six years.
This means within the period under review, N309 billion loan was added to Nigeria’s debt by the APC-led government monthly. When the debt was split among Nigerians, it was gathered that everyone owes N10.1 billion to the country’s creditors.
To repay this debt, President BuharI will use 46.9% of the country’s revenue to service the debt. This translate to, out of N6.6 trillion, Nigerian government will spend N3.1 trillion to finance debt in 2021.
Meanwhile, Legit.ng had previously reported that Nigeria is ready to deploy its digital currency five months after the country’s Central Bank of Nigeria (CBN) shutdown crypto accounts.
The financial regulator said before the end of the year, Nigeria will have its government-backed digital currency, which will rival bitcoin, ethereum and other cryptocurrencies.
CBN explained that stakeholders in the digital currency market will be engaged and included into a committee that will work to actualise the virtual coin.