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Buhari’s government borrowed only $10bn since 2015 – Osinbajo

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Vice President Yemi Osinbajo said that the nation’s debt was $73 billion, a $10 billion increment from $63 billion the present administration inherited in 2015.

He made the disclosure in Ibadan on Saturday during the 9th Public Lecture of Sigma Club at the International Conference Centre, University of Ibadan.

The News Agency of Nigeria(NAN) reports that Osinbajo delivered a lecture entitled ‘Developing the Nation Through Youth Empowerment.’

“In 2010 our debt was $35 billion, $41 billion in 2011, $48 billion in 2012, $64 billion in 2013, $67.7 billion in 2014, $63.8 billion in 2015, $57.8 billion in 2016, $70 billion in 2017 and $73 billion in 2018.

“The nation’s debt as at today was $73 bilłion, an increment of $10 billion from the $63 billion inherited in 2015,” he said.

Osinbajo revealed that from oil, the nation earned $119.8 billion from 1990 to 1998, $481 billion from 1999 to 2009 and $381 billion from 2010 to 2014, while present administration has only earned $112 billion from June 2015.

“The earnings from oil from 2010 to 2014 were the highest recorded in the history of the country. This is a period when the price of oil per barrel sold from $100 to $114.

He said that the most important drain on the nation’s public purse was grand corruption, saying the nation would earn more revenue if such was addressed.

“In a 2015 transaction met by this administration, a sum of $67 million was made without a purpose for it. So also is another $292 million,” he said.

The Vice President also listed lack of commitment to diversification of the economy as one of the problems which affected the economy.

On restructuring, Osinbajo said that some of those clamouring for it were those who opposed their efforts on restructuring years back when they were in government. (NAN)

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