The list of Loan Borrowed In Nigeria From Obasanjo To Buhari Under The 4 Presidents: Nigeria returns to democracy in 1999, ever since then Nigeria has had four presidents, Olusegun Obasanjo, Umaru Yar’Adua, Goodluck Jonathan, and Muhammadu Buhari. This report looks at the loans taken under the four administrations.
The increased rate of borrowing by President Buhari in the recent dispensation has caused so much heated reaction among Nigerians, the Nigerian leaders under the Buhari-led administration of resenting requested approval of $4,054476,863.00, £ 710 million, and a grant of $125 million.
Nigerians are against the borrowing spree of the current administration as it seeks to provide more infrastructure despite the dwindling revenue.
Nigeria’s public debt is on the rise. As of March 2021, Nigeria’s public debt has hit ₦33.1 trillion($87.24 billion). This could be traced from the accumulation of debt from the previous administration,
it should be noted that despite the Olusegun Obasanjo-led administration securing debt relief, the successive governments still persist on the borrowing spree.
External debt: Reduction from $28.04 billion in 1999 to $2.11 billion in 2007.
Domestic debt: Increase from N798 billion to N2.17 trillion FG’s debt:
Reduction from N3.55 trillion in 1999 to N2.42 trillion in 2007 FG’s local and foreign debt level: 31.8% reduction Exchange rate: N98.02/N116.8 to $1
Citing from the Debt Management Office (DMO), the report stated that federal government borrowings (local and foreign debt) climbed from N3.55 trillion in 1999 to N26.91 trillion at the end of March 2021 (the country’s latest official figure).
Ex-President Obasanjo External debt:
Reduction from $28.04 billion in 1999 to $2.11 billion in 2007.
Domestic debt: Increase from N798 billion to N2.17 trillion
FG’s debt: Reduction from N3.55 trillion in 1999 to N2.42 trillion in 2007
FG’s local and foreign debt level: 31.8% reduction Exchange rate: N98.02/N116.8 to $1
A huge decline in foreign debt was a result of the substantial reduction following the pay-off of the outstanding debts owed to the London Clubs of Creditors in the first quarter of 2007.
Yar’Adua/Jonathan (2007 to 2011)
Foreign debt – Increase from $2.11 billion in 2007 to $3.5 billion in 2011
Domestic debt: Increase from N2.17 trillion in 2007 to N5.62 trillion in 2011
Exchange rate: Increase from N116.8/$1 to N156.7/$1.
Percentage increase: 155%
Note: Of the debt figure, Jonathan completed the tenure from May 2010 to May 2011 after the death of Yar’Adua. During the period,
the debt reportedly rose from N4.94 trillion to N6.17 trillion (24.9% increase in one year).
Goodluck Jonathan (2011-2015)
External debt: $3.5 billion Domestic debt: N5.62 trillion
Accumulated debt of N6.1trillion 2014
Foreign debt – $6.45 billion Domestic debt – N7.9 trillion (Exchange rate also stood at N197/$1)
Public debt increased from N6.17 trillion in 2011 to N9.8 trillion in 2015 (An increase of N3.63 trillion)
Percentage increase: 58.8%
2015: External debt: $7.35 billion
Domestic debt: N8.84 trillion FX rate:
197 2020 External debt: $28.57 billion
Domestic debt: N16.02 trillion
Domestic debt: Increase by N7.63 trillion (June 2015 to December 2020)
External borrowings: Increase by $21.27 billion (as of December 2020)
Percentage increase: 173.2% from 2015 till date
President Buhari is the country’s biggest borrower, increasing public debt (FG component) by more than 173%.
The Yar’Adua/Jonathan administration took the second spot with a 155% surge in
The third spot is occupied by the Jonathan government which recorded a 58.8%
In the last four administrations, only the Obasanjo administration reduced public debt.