The Chairman Senate Committee on Finance and Appropriation, Solomon Olamilekan Adeola, on Wednesday blamed past governments for Nigeria’s debt burden.
Adeola, who addressed his colleagues before the passage of the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), said the criticism of President Muhammadu Buhari’s government for plunging Nigeria into debt was unfair and uninformed.
According to him, the large chunk of Nigeria’s total debt profile estimated at N33 trillion was incurred by past administrations dating back to the military era.
The lawmaker stressed that the majority of the loans being repaid by the Buhari administration were accumulated during the military era and ex-Presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, and Goodluck Jonathan administrations between 1999 and 2015.
When asked by the Senate President, Ahmad Lawan, to make clarifications on issues raised by lawmakers, particularly on Nigeria’s debt profile Adeola said: “The accumulated borrowing you are talking about did not come from this administration alone.
“It is a borrowing that stems from the days of the military to the days when the democratic dispensation started.
“It is an accumulated loan. It is not a loan that says that it is the current administration of President Buhari that has borrowed.
“It is a loan that has been borrowed by the previous administration – the Obasanjo, the Jonathan, the Yar’Adua of this world.
“And since the business of government is a continuum, the President of the day has no choice but to continue to pay back all these loans that have been borrowed by the previous administrations.
“More than three-quarters of these loans you are seeing were borrowed from the previous administrations and we are paying back. We are doing what is supposed to be done, the way it is supposed to be done.
“So, when my colleagues said that for every N67 of any loan that was borrowed, we are using to pay, he should know that more than N60 of it are loans borrowed by the previous administration. That is where we are.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
If you are motivated and passionate about building a global society, founded on justice, equity, fairness, transparency, accountability and superior knowledge, kindly consider donating to Ripples Nigeria’s solutions journalism.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: Inside UNILAG’s multi-million naira budgetary abuse and academic discord
The University of Lagos located in Nigeria’s commercial capital, Lagos, has been embroiled in controversies with allegations bothering on misappropriation of...
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...