Buhari inherits $63b, borrows $10b

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President Muhammadu Buhari’s government inherited $63 billion and has borrowed $10 billion since 2015. 

Vice President Yemi Osinbajo said that the nation’s debt now stood $73 billion.

 He made the disclosure in Ibadan on Saturday during the 9th Public Lecture of Sigma Club at the International Conference Centre, University of Ibadan.

Osinbajo delivered a lecture entitled ‘Developing the Nation Through Youth Empowerment.’

 “In 2010 our debt was $35 billion, $41 billion in 2011, $48 billion in 2012, $64 billion in 2013, $67.7 billion in 2014, $63.8 billion in 2015, $57.8 billion in 2016, $70 billion in 2017 and $73 billion in 2018.

 “The nation’s debt as at today was $73 bilłion, an increment of $10 billion from the $63 billion inherited in 2015,” he said.

 Osinbajo revealed that from oil, the nation earned $119.8 billion from 1990 to 1998, $481 billion from 1999 to 2009 and $381 billion from 2010 to 2014, while present administration has only earned $112 billion from June 2015.

 “The earnings from oil from 2010 to 2014 were the highest recorded in the history of the country. This is a period when the price of oil per barrel sold from $100 to $114.

 He said that the most important drain on the nation’s public purse was grand corruption, saying the nation would earn more revenue if such was addressed.

 “In a 2015 transaction met by this administration, a sum of $67 million was made without a purpose for it. So also is another $292 million,” he said.

 The Vice President also listed lack of commitment to diversification of the economy as one of the problems which affected the economy.