Exposed: From Obasanjo to Buhari: List of Loans Borrowed under Nigeria's 4 Presidents

Recently, President Muhammadu Buhari stirred heated reactions from Nigerians when he tabled a fresh request for the approval of another set of loans before the Senate.

The Nigerian leader sought approval from the National Assembly to borrow $4,054,476,863.00, €710 million and a grant of $125 million.

From Obasanjo to Buhari: Loans Borrowed under Nigeria's 4 Presidents
A new report shows the breakdown of loans taken under Nigeria's presidents since 1999. Photo credit: Femi Adesina, Goodluck Jonathan, BBC Hausa
Many Nigerians are against the borrowing spree of the current administration as it seeks to provide more infrastructure amid dwindling revenue.

Nigeria’s public debt has been on the rise. As of March 2021, Nigeria’s total public debt has hit N33.1 trillion ($87.24 billion); an accumulation of borrowings from successive governments.

The Cable recently reported that despite securing debt relief during the Olusegun Obasanjo-led administration, successive governments have continued on a borrowing spree.

The newspaper stated that the federal government’s component of the public debt surged 658% to N26.9 trillion in the last 21 years.

Citing data from the Debt Management Office (DMO), the report stated that federal government borrowings (local and foreign debt) climbed from N3.55 trillion in 1999 to N26.91 trillion at the end of March 2021 (the country’s latest official figure).

Since 1999 when Nigeria returned to democracy, Nigeria has had four presidents, Olusegun Obasanjo, Umaru Yar'Adua, Goodluck Jonathan and Muhammadu Buhari, Here are the Shocking Loans Taken by them...Keep Reading For More Details....>>>L


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