Buharis govt attack n2 2tn debt one year

You're referring to the debt crisis in Nigeria under the Buhari administration.

Yes, it's true that Nigeria's debt has increased significantly under the current administration. As of 2022, Nigeria's total debt stands at over N32 trillion (approximately $85 billion USD), with a significant portion of it being domestic debt.

Here's a breakdown of Nigeria's debt profile under the Buhari administration:

The main reasons for this increase in debt include:

  1. Increased borrowing to finance budget deficits: The Buhari administration has relied heavily on borrowing to finance its budget deficits, which has contributed to the rise in debt.
  2. Rising interest rates: Nigeria's interest rates have increased significantly over the past few years, making it more expensive for the government to borrow.
  3. Depreciation of the naira: The naira has depreciated significantly against major currencies, making it more expensive for the government to service its debt.
  4. Increased spending on infrastructure: The government has increased spending on infrastructure projects, such as roads, bridges, and power plants, which has contributed to the rise in debt.

The consequences of this debt crisis are far-reaching and include:

  1. Increased debt servicing costs: Nigeria is spending a significant portion of its revenue on debt servicing, leaving less room for other important expenditures.
  2. Reduced fiscal space: The government has limited room to maneuver in terms of fiscal policy, making it difficult to respond to economic shocks or implement new policies.
  3. Increased risk of debt default: Nigeria's high debt levels and rising interest rates make it more vulnerable to debt default, which could have severe consequences for the economy and the country's credit rating.

It's essential for the government to address this debt crisis by implementing fiscal discipline, increasing revenue, and reducing wasteful spending.