"NIGERIA IS THRIVING TODAY ON UNMANAGEABLE FOREIGN AND DOMESTIC DEBTS IN THE MIDST OF HER HUGE OIL REVENUES":An online news media out of Nigeria reported that Nigeria’s current total external debt stood at $6.2billion as of September 30, 2012 while her domestic debt profile was $38.37 billion. In one year of the administration of President Jonathan Goodluck, Nigeria’s debt profile has risen by $6.25 billion.
The news media reported also that the statistics from the Debt Management Office showed that the country’s debt profile under the presidency of Jonathan Goodluck in one year in office rose from $36.45 billion in March 2011 to $44.28 billion as of March 2012. The National Assembly, last week in Abuja approved another $7.3 billion borrowing plan for the federal and state governments respectively. The Federal Government also budgeted about 3.5 billion for the debt servicing. The debt to GDP ratio for Nigeria is about 20 per cent at the moment according to the news report.
What is the government of Nigeria doing with the daily revenues that come daily from the 2.5 million barrels of crude oil that they sell? What is the government doing with our other numerous sources of internal revenues that come from domestic taxes? What are the visible national developments on the ground in Nigeria today in 2012 to justify these huge domestic and foreign debt profiles?
Have these debts already reduced our huge unemployment rate that is over 50% at the moment? Have these debts already modernized our nation's health care facilities and current stone age educational systems? Have these debts already improved our outdated and over-crowded national infrastructures and social services? Have these debts already reduced the current poverty rate in Nigeria that is now over 80% and our state of insecurity? Do these leaders care at all about the future impacts of these debts on the nation and the Nigerians yet unborn? Only time will surely tell.
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