The Guardian reported how the Chairman of the Peoples Democratic Party (PDP), Dr. Iyorchia Ayu, said that foreign loans taken under the administration of President Muhammadu Buhari have turned Nigeria into a beggar in the comity of nations....CONTINUE READING THE FULL ARTICLE>>>
Ever since Nigeria gained its independence in 1960, many political parties have produced presidents that have led this nation. Former presidents like Olusegun Obasanjo, Umaru Musa Yar’adua, and Goodluck Jonathan all piloted the economy of Nigeria.
Among these former presidents, only Olusegun Obasanjo reduced the external debt of Nigeria.
He became the president of Nigeria in 1999 during which he met $28.04Billion. In 2000, the external debt increased to $28.27B. In 2001, external debt was reduced to $21.08B. In 2002, it increases to $23.51B. 2003, it further increased to $25.26B. In 2004, it increased to $28.22B. Then from 2005 to 2007 when Olusegun Obasanjo hands over power to Yar’adua, Nigerian external debt witnessed a steady decrease. In 2005, it reduced from $28.22B to $15.42B. In 2006, it reduced to $2.13B and finally, in 2007, it reduced to $2.11B.
But from Yar’adua/Goodluck Jonathan-led administration.
Nigeria’s external debts increase in 2009 to $577.9B and were reduced to $3.5B by 2011. During the Goodluck Jonathan regime from 2011 to 2014, the debt increased to $6.45B.
As of 2020, under the president of Nigeria, President Muhammadu Buhari-led’s administration, the external debt stood at $28.57B.
From the above statistics, we can see that both PDP and APC-led administrations played roles in the external debt of Nigeria. So one may not blame a particular party or administration over the debt. We also know that Nigeria is not the only African country that is borrowing money to cushion the economy of their countries.
Borrowing money as a president is not a new thing in the world. Even in a family, a loving father will do anything possible to make the members of his family happy and if that involves borrowing money, then he will do it. The only time we can express worry is if there are no working plans to pay back the debt.