{"id":2372,"date":"2024-08-31T20:33:17","date_gmt":"2024-08-31T20:33:17","guid":{"rendered":"https:\/\/beadysword.com.ng\/blog\/?p=2372"},"modified":"2024-09-02T15:51:06","modified_gmt":"2024-09-02T15:51:06","slug":"presidency-releases-details-facts-about-nigerias-debts-under-tinubu","status":"publish","type":"post","link":"https:\/\/beadysword.com.ng\/blog\/2024\/08\/31\/presidency-releases-details-facts-about-nigerias-debts-under-tinubu\/","title":{"rendered":"Presidency Releases Details, Facts About Nigeria\u2019s Debts Under Tinubu"},"content":{"rendered":"
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The presidency has given more details about Nigeria\u2019s debt condition under the administration of President Bola Tinubu.<\/h2>\n

The presidency explained that contrary to some reports that Nigeria\u2019s debt stock increased, the\u00a0nation’s debt stock decreased by 15% in dollar terms in Q1 2024.<\/p>\n

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It added that the government is able and committed to repaying its debt.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

The explanation was given on Saturday, 31st August, by the Special Assistant to President Tinubu\u00a0on Social Media, Dada Olusegun<\/strong>, in response to a report by StatiSense, which quoted the debt profile of Nigeria under the nation\u2019s presidents starting from the time of Shehu Shagari to the current administration of President Tinubu.<\/p>\n

The presidential media aide explained that the current administration’s public debt increase is largely due to economic factors, not increased borrowing.<\/p>\n

He argued that the Tinubu government is reducing the nation\u2019s debt profile.<\/p>\n

Olusegun said\u00a0President Tinubu\u2019s administration is committed to transparency and responsible economic management.<\/p>\n

The bullet points in the post by Olusegun via his X account, titled, \u2018Debunking the Myth: Nigeria\u2019s External Debt Under President Bola Tinubu\u2019 are highlighted below.<\/p>\n

\u2013 Nigeria\u2019s total debt stock decreased by 15% in dollar terms in Q1 2024, contrary to claims of rising debt.<\/p>\n

\u2013 The increase in public debt is largely due to economic factors, not borrowing:
\n\u2013 Depreciation of the naira exchange rate (from N899.39\/$ to N1,330.26\/$)
\n\u2013 Interest rate changes
\n\u2013 Securitization of Ways and Means<\/p>\n

\u2013 The current administration inherited a legacy of N22.7 trillion in outstanding Ways and Means, now being audited and securitized.
\n\u2013 The current Ways and Means deficit is N3.4 trillion, offset by operating surpluses from revenue-generating agencies.<\/p>\n

\u2013 Nigeria\u2019s (FG-only) external debt is $42 billion.<\/p>\n

\u2013 Multilateral creditors are owed $20.82bn, while China is owed $5bn.<\/p>\n

\u2013 The federal government\u2019s economic reforms have impacted foreign exchange and interest rates, contributing to the public debt spike.<\/p>\n

\u2013 The government\u2019s capacity to pay its debts is intact, with a revamped financial system.<\/p>\n

The presidency noted that the addition of Nigeria\u2019s external debt figure provides further context to the discussion, highlighting the country\u2019s overall debt situation while emphasizing the factors contributing to the public debt increase.<\/p>\n<\/div>\n<\/div>\n

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The presidency has given more details about Nigeria\u2019s debt condition under the administration of President Bola Tinubu. The presidency explained that contrary to some reports that Nigeria\u2019s debt stock increased, the\u00a0nation’s debt stock decreased...<\/p>\n","protected":false},"author":2,"featured_media":2374,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=2372"}],"version-history":[{"count":1,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2372\/revisions"}],"predecessor-version":[{"id":2375,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2372\/revisions\/2375"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media\/2374"}],"wp:attachment":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=2372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=2372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=2372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}