Guest Join UsHey Guest,
Welcome, Join our awesome community where you can discuss on various topics :-
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Some point about your community
Much More.. or Create an Account


{myadvertisements[zone_1]}
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
$81.274bn debt: Nigeria faces impending bankruptcy – Obasanjo warns
#1

$81.274bn debt: Nigeria faces impending bankruptcy – Obasanjo warns

 December 28, 2019

 

[Image: Olusegun-Obasanjo1.jpg]



Former President, Olusegun Obasanjo, has said Nigeria faces the risk of impending bankruptcy, over the continuous accumulation of debt by the government.
Obasanjo stated this while speaking as a keynote speaker at the ‘Why I am Alive’ campaign on Friday in Lagos.


According to him, the piling up debts would leave a burden for future generations, who would have to pay such loans.



Obasanjo said as at 2015, Nigeria’s total external debt was about $10.32bn. By March 2019, he claimed the country’s external debt had increased to $81.274bn.


“Such a situation talks about an impending bankruptcy. No entity can survive while devoting 50 per cent of its revenue to debt servicing.


“It has recently been pointed out that in 2018 that total debt servicing took over 60 per cent of government revenue.



“What’s more, we are not doing enough to address the fundamental, deep-seated and structural challenges that inhibit the expansion of our economy,” Obasanjo said.


Obasanjo added that to worsen matters, the current administration was currently seeking to add another $29.6bn loan to “our already overburdened debt portfolio.”
Reply
{myadvertisements[zone_3]}


Possibly Related Threads...
Thread Author Replies Views Last Post
  Blackout Imminent As Kainji Dam Bursts, Nigeria To Lose 760MW Edoman 0 12 09-15-2020, 08:21 AM
Last Post: Edoman
  Nigeria’s debts may rise to N34 trillion in Q3 Edoman 0 14 09-14-2020, 06:46 PM
Last Post: Edoman
  FG bars Air France, Lufthansa, Etihad, KLM, others from flying to Nigeria Edoman 1 43 09-14-2020, 12:01 AM
Last Post: Mueeidkhatri
  Nigeria overtakes India as world capital for under-five deaths Edoman 1 31 09-13-2020, 11:59 PM
Last Post: Mueeidkhatri
  Nigeria’s debt hits N31tr Edoman 1 35 09-13-2020, 11:58 PM
Last Post: Mueeidkhatri
  Arik Air set to be rebranded; renamed Nigeria Eagle Edoman 1 25 09-13-2020, 11:58 PM
Last Post: Mueeidkhatri
  Nigeria borrowed N18.89tn under Buhari – Report Edoman 1 25 09-13-2020, 11:57 PM
Last Post: Mueeidkhatri
  Nigeria’s Debt Hits N31trn – DMO Edoman 0 29 09-09-2020, 09:52 PM
Last Post: Edoman



Users browsing this thread: 1 Guest(s)

{myadvertisements[zone_2]}

About contripeople

Contripeople forum description.

              Quick Links

              User Links

              Advertise