Home Business Buhari’s regime borrows N31tn, to leave N39.12tn debt for successor

Buhari’s regime borrows N31tn, to leave N39.12tn debt for successor

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The National Assembly has approved or at least received budget estimates worth N93.453tn from the President, Major General Muhammadu Buhari (retd), in eight years.

Out of the N93.453tn budgeted from 2016 to 2023, a total of N67.4tn has been committed to recurrent expenditure, including the payment of salaries and emoluments of civil servants and legislators.

This amounts to 72.1 per cent of the entire budget devoted to the recurrent expenditure in the life of the Buhari regime. The administration met a debt of N12.12tn on June 30, 2015, but it increased it to N42.84tn by June 30, 2022, according to statistics obtained from the Debt Management Office. The increase represents 253 per cent growth over the period.

A breakdown shows that Buhari presented a budget of N6.061tn in 2016, his first after a populist election in 2015. The budget, however, heralded Nigeria’s first recession under the regime.

The budget was increased to N7.44tn in 2017; N9.1tn in 2018; N8.916tn in 2019; and N10.8tn in 2020.The budget for 2021 and 2022 rose to N13.6tn and N17.126tn, respectively. The estimates presented to the National Assembly last Friday for 2023 put the figure at N20.51tn.

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