According to the Guardian Nigeria Newspaper, as the president Muhammadu Buhari administration is gradually coming to an end, and preparations are being made for the Nigerian president-elect, Bola Ahmed Tinubu, to be sworn in as the next president, we would explore Nigeria’s external debts under the administration of each president of Nigeria from 1999 to 2023.
Photo Credit: IDEA
When Nigeria returned to democratic rule in 1999, with the former president Olusegun Obasanjo as the president, the total external debts of the country stood at $28.04 billion, but before his tenure was over, the figure dropped to $2.1 billion on the famous debt relief which he secured.
Later under the administration of the former president Goodluck Jonathan, who completed the tenure of the late president Umar Musa Yar’Adua before he was elected the president in 2011, Nigeria’s debt went up to $7.3 billion before he handed over to president Muhammadu Buhari.
Within 8 years of the leadership of the outgoing president Buhari, Nigeria’s debt has also increased from $7.3 billion to $41.8 billion.
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