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Professor Osinbajo (GCON)

Vice President,

Federal Republic of Nigeria



Your Excellency,

Re: Buhari government added $ 10 billion to our public debt

Sir, this is not objective, Mr President Buhari has contributed $ 29.8 billion to the government's public debt over the last three years.

Public debt is held in USD in Nigeria and many other countries of the world.

One thing that is sacrosanct is that all domestic debts of nations are held in their national currency and Nigeria is not excluded.

Sir, as of June 30, 2015, according to the Debt Management Office. The following debt profile has been listed with our country.

The domestic debt of Nigeria, including FG and state, was $ 10.09 trillion.

FG's domestic debt was N8.4 trillion, or 83% of domestic debt.

The state and the FCT stock totaled $ 1.69 trillion, which represented 17% of our domestic debt.

This was converted into USD with USD 1 to 155 and EUR 197. In 2015, our debt was $ 53 billion, which has now been added to our foreign debt.

Sir, on June 30, 2015

Nigeria The foreign debt of FG and the state amounted to 10.3 billion US dollars

Public debt in Nigeria was $ 10.3 + $ 53, and it was $ 63 billion, as reported by the debt management bureau in its report.

Nigeria's total debt stood at $ 63 billion in June 2015, according to the Debt Management Office.

Our local debt as of June 30, 2015 was N10.1 trillion, according to the Office for Debt Management.

Sir as of June 30, 2018

Domestic debt in Nigeria rose from $ 10.1 trillion to $ 15.6 trillion, including FG, State and FCT.

The domestic debt of FG amounted to 12.2 trillion euros, of which 78% of our domestic debt accounted for.

The domestic debt of the state and FCT rose from $ 1.69 trillion to $ 3.4 trillion, which represents 22% of our domestic debt.

This means that President Buhari has headed the federal government, where you serve as a loaned vice president. 3.8 trillion

In three years, totaling 5.5 trillion b, the state government has raised N1.8 trillion at 30%, and the federal government, led by President Buhari, has absorbed 70% of domestic debt

That's $ 12.3 billion. This means that the federal government, led by President Buhari, has borrowed $ 12.3 billion if we convert to USD during those years.

Also as of June 30, 2018

Nigeria The foreign debt of FG and the state together increased to $ 22.1 billion, while June 30, 2015 was only $ 10.3 billion.

This means that FG, State and FCT have increased our debt by $ 11.8 billion in these three years.

Total US dollar public debt, which added FG, State and FCT from June 30, 2015 to June 30, 2018 in three years, will add up to $ 18 billion + $ 11.8 billion in three years = 29.8 billion USD.

Sir, the federal government of Nigeria, which includes 36 states and FCT, has borrowed a total of $ 29.8 billion from June 30, 2015 through June 30, 2018

Sir, as you tried to bamboozle the Nigerian population, you have coined a narrative that suits you and selected it from 197 million Nigerians whom I find bad.

You did not mention that Nigeria has devalued its currency and we landed at $ 305 to $ 1

Sir, we know public debt is in USD, but if you devalue, you have more naira for less USD.

You should also be aware that our local debt is based on naira. We're paying back naira in Nigeria, which means we need more naira to get the USD

Sir, that's what happened at the devaluation.

In 2015, when USD 1 = 155 1 ​​or 197, our local debt was $ 53 billion. These were converted into US dollars in Nigerian naira, it was 10.1 trillion.

When Nigeria devalued its currency in 2016, our local debt fell to $ 33 billion. This looks like we've raised a total of $ 20 billion, but basically we've failed because we'll need even more naira to buy dollars to repay our debt because our USD revenues can not pay our bills.

What the Debt Management Office did was add our debts devalued in 2016 to the debts incurred by the administration you assume as Vice President.

Sir, that's what happened to $ 33 billion (* depreciated * debt as of June 30, 2015) + $ 22 billion (foreign debt) + $ 18 billion (domestic debt) = $ 73 billion.

They hid behind figures that burn faster.

You did not mention all the parameters used in the dollar conversion when we devalued our currency in 2016.

Sir, this is the highest rate fraud that should never come from the second highest office in Nigeria.


Ettu Mohammed

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