Vanessa Obioha writes that the rising debt profile of Nigeria brings a scrutiny on President Muhammadu Buhari’s administration, which is arguably, the only government that has borrowed more than any in the new democratic dispensation and perhaps the only administration that has recorded two economic recessions
Nigeria’s economy, like most nations in the world, contracted due to the unprecedented Coronavirus pandemic last year. The global crash in oil prices forced the country to suspend the external commercial borrowing as indicated by the Minister of Finance Zainab Ahmed. Ninety per cent of the country’s foreign exchange earnings and about 60 per cent of its total revenue are from the oil sector.
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