In June 2005, we were so ecstatic in celebrating the debt relief offered us, a relief of over $20billion dollars, which was beyond the total revenue of Nigeria for one year. So happy were we that President Olusegun Obasanjo as he was then) GCFR, had to make a broadcast to the nation on June 30, 2005. He followed the broadcast by appearing before the joint sitting of the National Assembly on July 26, 2005 to speak on the issue. In the broadcast, he declared, “How did we work to get out of this debt quagmire? We did it by resolving and working hard to break with the past; by identifying new voices and new leaders; and by rejecting business as usual and voting for new values of accountability, transparency, fair competition, social justice, and the upliftment of the living standards of Nigerians. We revamped our institutions and put in place an economic agenda that reduced the role of the state in the economy while strengthening the place and role of private investors. We mounted a vi
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In June 2005 we were so ecstatic in celebrating the debt relief offered us, a relief of over $20billion dollars, which was beyond the total revenue of Nigeria for one year.
So happy were we that President Olusegun Obasanjo, GCFR, had to make a broadcast to the nation on June 30, 2005. He followed the broadcast by appearing before the joint sitting of the National Assembly on July 26, 2005 to speak on the issue. In the broadcast, he declared, “How did we work to get out of this debt quagmire? We did it by resolving and working hard to break with the past; by identifying new voices and new leaders; and by rejecting business as usual and voting for new values of accountability, transparency, fair competition, social justice, and the upliftment of the living standards of Nigerians. We revamped our institutions and put in place an economic agenda that reduced the role of the state in the economy while strengthening the place and role of private investors. We mounted a vigorous g
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TODAY
January 14, 2021
The National Bureau of Statistics (NBS) says Nigeria’s total public debt stock as of third quarter of 2020 (Q3 2020) increased by N6.01 trillion within a year.
According to the NBS report on Nigeria’s Domestic and Foreign Debt Q3 2020, Nigeria’s total public debt stock constituting of external and domestic debts, stood at N32.22 trillion ($84.57 billion) as of September 30, 2020.
This represents 22.93 percent increase when compared to N26.21 trillion recorded in the corresponding year of 2019 (September 30, 2019).
“Further disaggregation of Nigeria’s foreign debt showed that $16.74 billion of the debt was multilateral; $502.38m was bilateral (Agence Francaise de Developpment AFD), and another $3.26 billion bilateral from the Export-Import (Exim) Bank of China, Japan International Cooperation Agency (JICA), India, and Kreditanstalt Fur Wiederaufbua (KfW Development Bank of Germany), while $11.17 billion was commercial which are Eurobonds and dia