President Buhari Under Serious Attack Over N2.2tn Debt In One Year

Civil rights groups on Friday berated the Muhammadu Buhari-led administration for incurring a N2.2tn domestic debt in the last one year.

The groups, in separate interviews on Friday with Saturday PUNCH, said that there were no visible impacts of the borrowed money on the country in the period.

Statistics obtained from the Debt Management Office showed that the Federal Government’s domestic debt stood at N10.6tn as of June this year, up from N8.4tn a year ago.

According to the report, the country’s total debt liability rose to N16.29tn in June 2016 from N12.12tn in June 2015.

FG borrowing to pay salaries —Social Action

Expressing concern about the sharp increase in the country’s debt profile, the Head of Abuja Social Action, Vivian Bellonwu-Okafor, said the only response of the administration to the economic recession was “to borrow more money.”

She said that the group was   concerned about the circumvention of the laid down legal provisions for loan acquisitions.

Bellonwu-Okafor stated, “The Fiscal Responsibility Act, which outlines the democratic steps that should accompany any loan, is not being respected and so in this regard, loans are taken in a most shoddy and blanket manner without any clear purpose or project line tied to such acquisition(s) as well as cost-benefit analysis, as stipulated by the FRA.

“It is thus not surprising that government has not only taken but also advanced loans for recurrent items such as payment of salaries, sponsorship to foreign trips and conferences etc; this is in clear violation of the FRA which states that loans shall only be acquired for capital expenditure(s).”

She said that it appeared that the government was hiding under “a superfluous guide of so-called recession to embark on unrestrained and unmanageable borrowings.”

The head of Social Action stated that such an approach was “a false solution to the economic problems of Nigeria,” adding that the government was simply postponing the evil day.

Bellonwu-Okafor said, “Debt servicing will soon completely wipe out the country’s capital allocation. This free walk into another debt-trap should, with all experiences of hindsight, be avoided.

“The burden of debt falls on the shoulders of innocent citizens. Nigeria has the wherewithal both in human, natural as well as material and intellectual resources to have a thriving and flourishing economy without undue recourse to dependence-borrowing.”

No visible impact-CD

On his part, the President of Campaign for Democracy, Abdul Usman, said that the borrowing did not show desirable performances by the administration.

According to him, the President and his cabinet of ministers should be held accountable not only in matters that have to do with corruption, but also on debts.

He stated, “Nigerians have never had it this bad and are losing faith in the change promised by the administration.  There is hunger almost everywhere in the land. Citizens will want to see published documents or Mr. President should address the nation as we have yet to see the positivity on the budgeted N500bn social welfare.”

‘Buhari’s govt not creative’

The Executive Secretary of the Anti-Corruption Network, Ebenezer Oyetakin, in an interview with Saturday PUNCH, said the craze for borrowing had shown that the administration was not creative.

He stated that it was unfortunate that the government, which based its campaign on “change” had reverted to the old practices, which Nigerians voted against.

Oyetakin stated, “The thrust of the change is expected to be largely in the way we handle the economy. The craze for borrowing simply shows how uncreative we are and the lack of innovative thinking economically.

“What would have happened if we were Republic of Cuba that was and is still under total economic, commercial and financial blockade by the USA and its allies for 55 Years? What will happen if the entire world refuses to lend us money? I am against our craze for borrowing as a nation.”


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  • Justice Elmer

    Cos I know they are the ones we owe the most.. Its until Nigeria is sold at an auction that’s when the reality would dawn on some of us

  • Justice Elmer

    At this rate. China and US would soon own Nigeria .

  • Justice Elmer

    Let the presidency look for a means to revitalize the economy and not putting us in debt

  • Justice Elmer

    I pity us .. Cos most of us don’t know some of the implications of borrowing money


    Dis govt aint evn creative……no concepts of internal generating of revenues……mitchewww

  • Cornel Nwankwo

    These Civil Rights group fail to understand that 2015 is different from 2016 and as such this current economic recession wasn’t experienced during 2015 administration and they borrowed such amount then, so it can’t be compared to the challenges face by this current administration.


      I ws hopin to hear de american history of money borrowd durin deir time of recesion nd hw its similar to dis govt……..u knw u alws hav ameriacan history to suport buhari admin………..

      • Cornel Nwankwo

        I don’t get your point here,
        You are funny man.

  • Mezzy Gilbert

    Of course they re not creative,

    • Mezzy Gilbert

      Within one yr,maybe before 2017,na price tag dem go put fir nigeria


        Its change oo lmao….. Dey fit price all of us too ooo

  • kayode akinsanya

    Baba will explain let him come back

    • Cornel Nwankwo

      I pray he explains

  • Me don talk am and go still talk am….let dem politicians give up their assets …and see if we won’t have more than enough to go round

    • Cornel Nwankwo

      On what grounds are they giving up their assets?

      • mira damian

        On the ground that change must begin with them, not when they are there in Abuja at there own comfort but always reminding us that nigeria is in trouble and there is no money.they should live with example and start cutting their allowances by 50% to help raise money for nigeria,then we will know they mean business .not speaking grammar

        • Cornel Nwankwo

          You are right dear but that is just in our dreams.

  • WillieBravo

    That’s indeed worrisome. This change has brought us so much pain I just wonder how we are going to survive it for 4 years.

  • Olovo Obinna

    What else can we say….no impact so far with all d money borrowed……sometimes I wonder they do with this money….anyway,,perform now or get kicked out come 2019…easy as ABC

  • emekachilaka

    imagine just in one year i am asking what are de doing witth all those borrowed money