by James Sambo
President Goodluck Jonathan has been in charge of Nigeria’s affairs for a little over five years, and under his leadership, the Federal Government has borrowed N5,04tn from the domestic debt market.
According to records at the Debt Management Office, the domestic debt of the Federal Government stood at N3,466,360,000,000 (N3.47tn) as of March 31, 2010.
However, the latest debt statistics from the DMO as of March 31, 2015 showed that the domestic debt had risen to N8,507,545,474,000 (N8.51tn).
When you do the mathematics, the result shows that in the last five years, Jonathan’s government had borrowed N5.04tn from domestic lenders.
Consequently, within that time frame, the domestic debt of the Federal Government grew by 157.48 per cent.
While FG Bonds accounted for N5.37tn or 63.13 per cent of the total domestic debt, the Nigerian Treasury Bills, on the other hand, accounted for N2.87tn or 33.68 per cent of the Federal Government total domestic debt profile.
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