With less than 48 hours to his regime expiration, President Muhammadu Buhari has urged Nigerians to look at the investments done by his regime and not focus on the debt accumulated.
“In eight years, I am proud to say that we have doubled Nigeria’s stock of infrastructure to GDP from about 20% to over 40%, and that is no small undertaking,” Mr Buhari said in a series of tweets on Saturday.
“So, as we look at Nigeria’s debt profile, I urge us to also look at the assets and investment profiles, some of which was paid for by debt and some by investment income.”
Nigeria’s total debt profile stood at N12,118, 849.45 with the official exchange rate of $1 to N196, according to Debt Management Office (DMO).
With reckless borrowings of the Buhari regime in eight years, Nigeria’s debt profile hit N46 trillion and is estimated to hit N77 trillion, according to DMO.
Speaking on Mr Buhari’s borrowing spree, former president, Olusegun Obasanjo, whose administration got Nigeria’s debt cleared, wondered what the Buhari-led regime is borrowing for.
Mr Obasanjo condemned the continuous borrowing by the Mr Buhari regime, saying accumulating debt for future generations is “foolish” and “criminal.”
