Read as the Special Assistant to President Muhammadu Buhari on Public Affairs, Ajuri Ngelale defend the high debt profile under his principal.
These are excerpts from an interview with Ngelale. Read:
Question: What is the current debt profile of Nigeria and what the plan on how to reduce it?
Answer: I am So Glad That Someone Asked Me This Question — Smart One!
DMO: Nigeria’s Current Debt Stands At N25.7 Trillion Or $84.26BN.
Questions Arise: Are We At Risk? How Much Does Each Government Account For?
Please Fact-Check Me, Patriots!
In 2010, Our National Debt Was: $35 Billion USD.
By 2014, Our National Debt Had Ballooned To $67.7 Billion USD.
That’s $32 Billion Dollars Of Debt Added DURING AN OIL BOOM With High Revenues And No Commensurate Infrastructure/Investment..
From 2014 To Date, Nigeria Has Added $18 Billion Dollars And That Leaves Us At The Current $84.2 Billion USD.
Far Less Money Added To The Debt At A Time Of Recession & Low Revenues And We Still Spent The Highest Capital Release On Infrastructure Around Nigeria In History.
2nd Niger Bridge, Lagos-Ibadan Expressway, Lagos-Ibadan Railway, Warri-Itake Rail Revival, Bonny-Bodo Road, New Airport Terminals From Port Harcourt To Abuja, Kano/Enugu/Lagos Will Be Finished By June 2020. Etc.
Take Note!!!! What Twitter Trolls Tried To Sell us During The Campaign Were The Following Debt Figures:
2015: N12.2 Trillion
2019: N25.7 Trillion
“THEREFORE, DEBT HAS DOUBLED UNDER @MBuhari!!” They Exclaim.
They Will Not Tell You To Adjust For The Rate Of Currency Devaluation
They Will Not Want You To Calculate The N12 Trillion In 2015 According To The Exchange Rate Of 2014-15 (N180/$1). They Won’t Tell You That Debt Is Calculated By US Dollars & That Tells The Real Story. N25.7 Trillion (2019 Debt) Is Calculated By A NGN/USD Exchange Rate Of N360/$1.
Lastly, We Have One Of The Lowest Debt-To-GDP Rates In The World At About 22%. Compared With Ghana (62%) And South Africa (60%). Our Debt Is Not Too High. Our Revenue Is Too Low. That’s Why We Panic When We See Our Revenue Compared To Debt Servicing. We Must Raise Revenue.