Home World News Nigeria News Nigeria news : $81.274bn debt: Nigeria faces impending bankruptcy – Obasanjo warns
Nigeria NewsBusiness

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

Share
nigeria news 81 274bn debt nigeria faces impending bankruptcy obasanjo warns
Share
Olusegun Obasanjo1

Nigeria news : $81.274bn debt Nigeria faces impending bankruptcy – Obasanjo warns, 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.”

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

Related Articles
Angelique Kidjo becomes first African to receive star on Hollywood Walk of Fame
Nigeria News

A Historic Moment on the Hollywood Walk of Fame: Angelique Kidjo Shines Bright

Grammy-winning Beninese singer Angelique Kidjo is poised to make history history as...

I'm getting old, need to start having children - Burna Boy
Nigeria News

Burna Boy Mulls Over Starting a Family: “I Think I’m Getting Old”

Grammy-winning Nigerian singer, Damini Ogulu, popularly known as Burna Boy, said he’s...

Actor Peter Ijagbemi ties knot with lover, Folajogun Akinlami
Nigeria News

A New Chapter Begins: Peter Ijagbemi and Folajogun Akinlami’s Quiet Union

Nollywood star, Peter Ijagbemi, has tied the knot with Folajogun Akinlami, his...

Life abroad not rosy – Tacha opens up on Nigerians struggling in UK
Nigeria News

The Untold Reality of Life Abroad: What Tacha Shared About Nigerians in the UK

Reality TV star and influencer, Tacha Akide, has sparked conversation online after...