Prof. Yemi Osinbajo

Professor Osinbajo (GCON)

Vice President,

Federal Republic of Nigeria



Your Excellency Sir,

Re: Buhari Government Added $10bn To Our public Debt

Sir, this is not factual sir, President Buhari led Federal Government has added a total of $29.8bn to our Public debt in three years going by the books of Debt Management office.

Sir, Public Debts are held in USD in Nigeria and many countries of the world.

But one thing that is sacrosanct is that all Nations Domestic debts are held in their local currency and Nigeria is not excluded.

Sir, as at June 30, 2015, according to the Debt Management Office. The following debt profile was listed against our country.

Nigeria domestic debt which is inclusive of FG and State was N10.09 trillion.

FG domestic debt share was N8.4 trillion which was equivalent to 83% of the domestic debt.

The State and FCT Share was N1.69 trillion which was equivalent to 17% of our domestic debt.

This was converted in USD using $1 to ₦155  and ₦ 197 at 2015  our debt became $53bn which was now added to our external debt.

Sir, as of June 30, 2015

Nigeria External debt for FG and State combined was $10.3 billion

Nigeria Total Public debt became $10.3 + $53 it became $63bn which was recorded by Debt Management office in their report.

Nigeria's  Total Public debt was $63bn at June 2015 according to the Debt Management office.

Our local debt was N10.1trillion as at June 30, 2015, according to the Debt Management office.

Sir as at June 30 2018

Nigeria domestic debt rose to ₦15.6 trillion from ₦10.1 Trillion which was inclusive of FG, State and FCT.

FG domestic debt was ₦12.2 trillion out this debt accounting for 78% of our domestic debt.

The State and FCT domestic debt rose from ₦1.69 trillion to ₦3.4 trillion accounting for 22% of our domestic debt.

That means President Buhari led Federal government in which you serve as the Vice President borrowed. ₦3.8trillion

In three years out of a total of ₦5.5 trillion, the State government borrowed N1.8 trillion amounting to 30% and Federal Government led by President Buhari borrowed 70% of the domestic debt figure

This is $12.3bn. It means the Federal Government led by President Buhari borrowed $12.3 billion  if we convert to USD within those years.

Similarly, as at June 30, 2018

Nigeria External debt for FG and State combined rose to  $22.1 billion dollars, whereas June 30, 2015, it was only $10.3billion.

This means The FG, State and FCT added $11.8 billion to our debts within those three years.

The total Public debt in USD added in 3years  by the FG, State and FCT from June 30, 2015, to  June 30, 2018, will be a summation of $18 billion + $ 11.8 billion = $29.8b in three years. 

Sir, the Federal Government of Nigeria which is inclusive of 36 states and FCT has borrowed a total of $29.8b from June 30, 2015, to June 30, 2018

Sir, in trying to bamboozle the Nigerian populace you coined a narrative that suited you and dished it out to 197 million Nigerians which I find in bad taste.

You failed to mention that Nigeria devalued her currency and we landed at ₦ 305 to $1

Sir, we know Total Public Debt is Posted in USD  but when you devalue you have more Naira against fewer USD.

Sir you should also have it mind that our local debts are Naira based. We repay in Nigeria Naira meaning we need more Naira to get the USD

Sir, this is what happened on devaluation.

In 2015 when USD was $1=₦155 and ₦197 respectively our local debt was $53bn this was converted to USD in Nigerian Naira it was  ₦10.1 trillion.

Sir, when Nigeria devalued her currency in 2016 our local debt dropped to $33bn making it look like we gained  $20 billion in the whole deal but in actual sense we are screwed because we will still need more Naira to buy dollar to repay our external loan because our earnings from USD cannot pay our bills.

What the Debt Management office did was to add our debt which was devalued in 2016 to the debt incurred by the administration you serve as vice president.

Sir this is what happened $33 billion (*devalued*debt as at June 30, 2015) + $22 billion (External debt) +$18 billion( domestic debt ) =  $73billion which was now posted as our Public debt by Debt Management office.

What you did was to hide behind figures which burn faster.

Sir, you failed to mention all the parameters used in dollar conversion when we devalued our currency in 2016.

Sir, That is deception at the highest rate which should never emanate from the second highest office in Nigeria.


Your's faithfully,

Ettu Mohammed


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