In the last post I made,you all were expose to some of the raw materials this Giant of Africa called Nigeria has.
Materials like crude oil,limestone,gold,silver etc
Today’s discussion will be on how the Federal Government has borrowed money since 1999-2021.
In the year 1999,the Nigeria’s president was President Olusegun Obasanjo and his tenor lasted for eight years and during this years he borrowed #2.42tn and the fx rate from Naira to dollar was 116.8.
After Obasanjo stepped down President Musa Yar’adua became the president of Nigeria and Goodluck Jonathan was the vice president. During this reign ,the FX rate was 156.7 and the money borrowed was #6.17tn.
President Yar’adua died after a brief illness and immediately President Goodluck Ebele Jonathan became the president.
He borrowed #12.12tn and the FX rate was 196.95.
President Mohammadu Buhari came into power in 2015 and still counting.
The money he borrowed doubled that of Jonathan borrowed and the amount was #26.91tn while the FX rate was 381.0.
All the above has explain the way the government’s in power borrowed in the last 21 years.
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