HomeFeatures
Features

2023 and the Familiar Song

Law & Society Magazine
By Law & Society Magazine
74
138

By Olusegun Adeniyi

Last week, Dr Doyin Salami, who chairs President Buhari’s Economic Advisory Council (EAC), lamented that the debt service-to-revenue ratio stood at 97.7 per cent (January to May 2021).

From information readily available at the Debt Management Office (DMO), we are currently indebted to several multilateral institutions.

They include International Bank for Reconstruction & Development (IBRD);
International Development Association (IDA);
International Monetary Fund (IMF);
African Development Bank (AfDB);
African Development Fund (ADF);
Africa Growing Together Fund (AGTF);
European Investment Bank (EIB);
European Development Fund (EDF);
Arab Bank for Economic Development in Africa (BADEA);
Islamic Development Bank (IDB) and International Fund for Agricultural Development (IFAD).

The Bilateral creditors are Exim Bank of China; Agence Française de Développement of France,
Japan International Cooperation Agency, Kreditanstait Fur Wiederaufbua of Germany, and Exim Bank of India.

We need a serious conversation about our debts.
As at the time President Olusegun Obasanjo took office in 1999 under the current democratic dispensation, Nigeria’s total outstanding debt was $28.04 billion comprising $20.51 billion to Paris Club, $2.04 billion to London Club, $3.93 to multilateral institutions and $1.49 in promissory notes.

By the end of 2004 when Obasanjo subscribed to the Debt-Buy-Back proposition, Nigeria had a debt portfolio of $35.94 billion, of which the Paris Club alone accounted for $30.85 billion.

Following Nigeria’s exit from the Paris Club in 2005, the Debt Portfolio became $20.48 billion.

By the time we exited the London Club in 2006, Nigeria’s total debt had plummeted to $3.54 billion.

From then there were marginal annual increases.
It was $3.65 billion in 2007,
$3.72 billion in 2008,
$3.95 in 2009,
$4.58 billion in 2010,
$5.67 billion in 2011,
$6.5 billion in 2012,
$8.8 billion in 2013,
$9.7 billion in 2014 and
$10.72 billion in 2015.

While the increase to $11.41 billion in the first year of the Buhari administration (2016) followed the same pattern, the debt portfolio jumped to $18.91 billion a year later in 2017.

By 2018, the hike was more astronomical: $25.27 billion.

It increased to $27.68 in 2019 and by December last year (2020), Nigeria had amassed a total debt of $33.35 billion!

  • Olusegun Adeniyi
    23 September 2021
Previous article
Who Should Pay Legal Fees: Is It the Tenant or the Landlord?
Next article
Impact Of Digital Rights And Digital Rights Violations On Persons With Disabilities
Law & Society Magazine
Law & Society Magazinehttps://lawandsocietymagazine.com

Related Articles

74 COMMENTS

  1. Howdy! I’m at work surfing around your blog from my
    new iphone 3gs! Just wanted to say I love reading
    your blog and look forward to all your posts!
    Carry on the excellent work!

    My page :: Cleta

  2. Howdy superb website! Does running a blog like this take a massive amount work?

    I have absolutely no expertise in computer programming however I had been hoping
    to start my own blog soon. Anyhow, should you have any ideas or tips for new blog owners
    please share. I understand this is off topic nevertheless I just needed to ask.

    Kudos!

    My homepage cutt.ly

  3. My family members every time say that I am wasting my time here at net, but I know I
    am getting familiarity all the time by reading such
    nice content.

    my blog post – tanhua99.com

  4. I think that everything wrote made a bunch of sense.
    However, what about this? suppose you added a little content?
    I am not suggesting your information isn’t solid, however what if you added something
    that grabbed a person’s attention? I mean 2023 and the Familiar Song – Law
    and Society Magazine. is kinda vanilla. You should glance at
    Yahoo’s home page and note how they create article titles to get
    people interested. You might try adding a video or
    a related picture or two to grab readers interested about what you’ve got to say.
    Just my opinion, it would bring your posts
    a little bit more interesting.

    Feel free to surf to my blog post :: [https://mccraygunter5.werite.net/post/2022/03/21/Who-is-Scarlet-Witch-Tips-for-diy-your-own-Scarlet-Witch-cosplay-costume female cosplay costumes

  6. Do you have a spam problem on this website; I also am a blogger, and
    I was curious about your situation; we have created some nice methods and we are
    looking to trade strategies with others, why not shoot me
    an email if interested.

    Here is my web blog: high quality cosplay costumes

  7. You actually make it seem so easy with your presentation but I find
    this topic to be really something which I think I would never understand.
    It seems too complicated and very broad for me.
    I’m looking forward for your next post, I’ll try to get the hang of it!

    Look into my web blog; https://anotepad.com/notes/kypp2w7f

  10. I loved as much as you’ll receive carried out right
    here. The sketch is tasteful, your authored material stylish.
    nonetheless, you command get got an shakiness over that you wish be
    delivering the following. unwell unquestionably come further formerly again since
    exactly the same nearly very often inside case you shield this increase.

    Take a look at my web page – http://www.linkagogo.com

  11. Link exchange is nothing else except it is simply placing
    the other person’s weblog link on your page at suitable place and other person will
    also do same in support of you.

    Also visit my website: https://v.gd/eHjPm0

  18. I’ve been exploring for a bit for any high
    quality articles or blog posts in this kind of house . Exploring in Yahoo I eventually stumbled upon this site.
    Studying this info So i am satisfied to exhibit
    that I’ve a very just right uncanny feeling I
    came upon just what I needed. I so much no doubt will make certain to don?t overlook this
    site and give it a glance regularly.

    my homepage – https://notes.io//Tdzq

  19. I think the admin of this website is actually working hard for his website, for the reason that here every information is quality based data.

    Here is my page … discuss

  20. you’re really a just right webmaster. The web site loading pace is incredible.
    It sort of feels that you’re doing any unique trick. Moreover, The contents are
    masterpiece. you’ve done a excellent process
    on this matter!

    My homepage :: super hero replica costumes

  30. Attractive element of content. I simply stumbled upon your weblog and in accession capital to
    say that I get actually enjoyed account your blog posts.
    Any way I will be subscribing for your feeds or even I achievement you get right of entry
    to constantly rapidly.

    my website – sc.sie.gov.hk

  31. Aw, this was an incredibly nice post. Taking the time and actual effort to generate a superb article… but what
    can I say… I put things off a whole lot and don’t manage to get
    anything done.

    Also visit my website :: cosplay girl costumes

  32. Hello there! I could have sworn I’ve visited this site before but after browsing through many of the posts I realized it’s new to me.
    Anyhow, I’m certainly pleased I came across it
    and I’ll be book-marking it and checking back frequently!

    Also visit my web site … http://cqms.skku.edu/b/lecture/1227608

  33. My spouse and I stumbled over here different page and thought I might as well check things out.
    I like what I see so i am just following you. Look forward to going
    over your web page repeatedly.

    Here is my web site – help-sp.ru

  41. I know this if off topic but I’m looking into starting
    my own blog and was wondering what all is needed to get setup?
    I’m assuming having a blog like yours would cost a pretty penny?

    I’m not very internet smart so I’m not 100% sure. Any suggestions or advice would be greatly appreciated.
    Kudos

    my web page … star lord costume jacket

  46. I’m gone to say to my little brother, that he should also pay a visit this blog on regular basis to take updated from hottest reports.

    Stop by my web site Go to

  47. Hi there this is kind of of off topic but I was wondering if blogs use WYSIWYG editors or if you have
    to manually code with HTML. I’m starting a blog soon but have no coding experience so I wanted to get guidance from someone with experience.
    Any help would be enormously appreciated!

    My blog – realty.zaxa.ru

  48. My brother recommended I might like this website. He was totally right.

    This post actually made my day. You cann’t imagine
    just how much time I had spent for this information! Thanks!

    My blog post: cosplay costumes

  49. I’m curious to find out what blog platform you are utilizing?
    I’m having some minor security problems with my latest site and I would like to find something more secure.
    Do you have any suggestions?

    my blog post el-jeel.com

  56. Hi, Neat post. There is a problem with your web site in web explorer, could check this?
    IE still is the market leader and a good component
    to other people will pass over your great writing due
    to this problem.

    Here is my site … elearnportal.science

  57. Greetings from Ohio! I’m bored at work so I decided to browse your website on my iphone during lunch break.

    I really like the information you present here and can’t wait to take a
    look when I get home. I’m shocked at how fast your blog loaded on my phone ..
    I’m not even using WIFI, just 3G .. Anyways,
    fantastic blog!

    Feel free to surf to my webpage; telegra.ph

  59. With havin so much written content do you ever run into any problems of plagorism or copyright infringement?
    My site has a lot of exclusive content I’ve either created myself or outsourced but
    it looks like a lot of it is popping it up all over the internet without my permission. Do you know any techniques to help protect against content from being ripped
    off? I’d definitely appreciate it.

    Feel free to surf to my blog post :: https://moparwiki.win/wiki/Post:Minecraft_The_Six_Figure_Problem

  60. Hey there! I simply would like to offer you a big thumbs up for the great info you’ve got right here on this post.
    I am returning to your blog for more soon.

    Feel free to surf to my site … vimeo.com

  63. I don’t know whether it’s just me or if perhaps
    everyone else experiencing problems with your
    site. It appears as though some of the text within your
    content are running off the screen. Can somebody else please comment and
    let me know if this is happening to them too? This may be a problem with my
    browser because I’ve had this happen previously.
    Appreciate it

    Visit my web blog … pbase.com

  64. I do believe all the ideas you’ve introduced to your post.
    They are very convincing and can definitely work.
    Nonetheless, the posts are very short for newbies.

    May just you please lengthen them a bit from subsequent time?
    Thank you for the post.

    Feel free to surf to my site: chainhch.com

  65. Awesome blog! Do you have any recommendations for aspiring writers?
    I’m planning to start my own blog soon but I’m a little lost on everything.
    Would you propose starting with a free platform like WordPress or go for a paid option? There are so many options
    out there that I’m totally overwhelmed .. Any ideas? Thanks a lot!

    My site: muzeybiruch.ru

  67. Tremendous issues here. I’m very satisfied
    to look your article. Thanks a lot and I am looking ahead to contact
    you. Will you please drop me a e-mail?

    Here is my webpage – muzeybiruch.ru

  70. When someone writes an article he/she maintains the plan of a
    user in his/her brain that how a user can understand it.

    Thus that’s why this piece of writing is great.

    Thanks!

    Also visit my web page :: okea.vip

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

1,167,000FansLike
34,567FollowersFollow
1,401,000FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Load more

Law & Society Magazine is a general interest magazine with a bias for law and its effects on the society

Contact us: [email protected]

© 2024 Copyright - Law & Society Magazine