From Obasanjo to Buhari… how FG’s debt profile surged 86.8% to N26.9trn in 21 years - Newstrends
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From Obasanjo to Buhari… how FG’s debt profile surged 86.8% to N26.9trn in 21 years

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Nigeria’s public debt has been on the rise. Despite securing debt relief during the Olusegun Obasanjo-led administration, successive governments have continued on a borrowing spree — the federal government’s component of the public debt surging 86.8 percent to N26.9 trillion in the last 21 years.

 

This has raised concerns among Nigerians on the debt sustainability of the country amid dwindling revenue to meet the debt obligations to creditors.

 

Within two weeks, the senate approved three different loan requests by President Muhammadu Buhari.

 

On July 7, 2021, the upper chamber approved a loan request of N2.343 trillion, approximately $6 billion and another $8.3 billion and €490 million.

 

Defending one of the loan requests, the Debt Management Office (DMO) said it is part of a borrowing plan for the 2021 budget.

 

“The proposed new capital raising is the new external borrowing provided in the 2021 Appropriation Act to part finance the deficit in the budget. In other words, the new capital raising has already been approved in the budgetary process by the executive and legislative arms of government,” the DMO had said in a statement.

 

As of March 2021, Nigeria’s total public debt has hit N33.1 trillion ($87.24 billion) — an accumulation of borrowings from successive governments, of which most were borrowed since the return to democratic rule in 1999.

 

The overall public debt is the total debt accrued by federal, states, and the FCT from local and international lenders.

 

Of the N33.1 trillion, the federal government alone borrowed N26.91 trillion — this includes the FGN bonds, Sukuk, green bonds and Euro bonds.

 

Finally, after weeks of data aggregation, number crunching, dissecting and analyses of freedom of information (FOI) response from the Debt Management Office (DMO), TheCable presents findings that highlight how Nigeria’s aggressive borrowing defies its fiscal responsibility laws.

 

The analyses also include data from the DMO, National Bureau of Statistical (NBS), and fiscal papers from the Budget Office of the Federation.

 

FG DEBT CLIMBED 86.8% TO N26.9 TRILLION IN 21 YEARS

Data from the DMO seen by TheCable showed that federal government borrowings (local and foreign debt) climbed from N3.55 trillion in 1999 to N26.91 trillion at the end of March 2021 (the country’s latest official figure).

 

This represents an 86.8 percent increase in 21 years, comprising the administrations of Olusegun Obasanjo, Umar Musa Yar’Adua, Goodluck Jonathan, and the current Muhammadu Buhari.

 

From Obasanjo to Buhari… how FG’s debt profile surged 86.8% to N26.9trn in 21 years

HOW MUCH BUHARI BORROWED IN 6 YEARS

The Budget Office’s medium-term expenditure framework and fiscal strategy paper from 2015 showed that the Buhari-led administration incurred N7.63 trillion in domestic debt from June 2015 to December 2020.

 

On external borrowings, President Buhari increased debt from $7.3 billion in 2015 to $28.57 billion as of December 2020. This means that the president incurred $21.27 billion on foreign loans to the country’s debt portfolio.

 

The country’s exchange rate moved from N197 to a dollar in 2015 to N381 at the end of December 2020.

 

Analysis of consolidated debt showed that the external debt increased by 291.37 percent while domestic debt grew by 86.31 percent in the last six years of the Buhari government.

 

Overall, the Buhari-led government has had an accumulated debt of N17.06 trillion as of March 2021, using the N381 exchange rate. This represents a 173.2 percent increase from when he was elected president in 2015.

 

public debt

DEBT PROFILE UNDER JONATHAN’S ADMINISTRATION

At the beginning of former President Goodluck Jonathan’s tenure in 2011, the federal government had an accumulated debt of N6.17 trillion.

 

Analysis of the debt figure showed that local debt amounted to N5.62 trillion while foreign debt stood at $3.5 billion (about N548.65 billion, using the exchange rate of N156.7/$1).

 

By the end of 2015, the foreign debt component hit $7.3 billion, while domestic debt increased by N8.4 trillion. The country’s exchange rate also stood at N197/$1.

 

Overall, the federal government component of the total public debt increased from N6.17 trillion in 2011 to N9.8 trillion in 2015, representing an increase of N4.18 trillion or 74.37 percent.

 

public debt

YAR’ADUA/JONATHAN’S BORROWINGS

 

Under the Umar Musa Yar’Adua/Goodluck Jonathan-led government between 2007 and 2011, domestic debt of the federal government moved from N2.17 trillion to N5.62 trillion. The foreign component of the debt also increased from $2.11 billion to $3.5 billion within the period.

 

The country’s exchange rate also moved from N116.8/$1 to N156.7/$1.

 

The combined debt profile increased from N2.42 trillion to N6.17 trillion in four years, representing a 155 percent jump.

 

Of the debt figure, Jonathan completed the tenure from May 2010 to May 2011 after the death of Yar’Adua. The period saw a surge in the federal government’s debt from N4.94 trillion to N6.17 trillion. This represents a 37.4 percent increase in one year.

 

 

OLUSEGUN OBASANJO’S TENURE

During the tenure of former president Olusegun Obasanjo, the debt level of the federal government reduced from N3.55 trillion in 1999 to N2.42 trillion at the end of 2007.

 

The 8-year term of Obasanjo resulted in a dip in FG’s local and foreign debt level, representing a 32 percent decline.

 

The country’s exchange rate was between N98.02 to N116.8 to a dollar during the tenure.

 

Analysis of the figures showed that external debt decreased from $28.04 billion by 1999 to $2.11 billion at the end of 2007. However, the domestic component increased from N798 billion to N2.17 trillion within the same period.

 

The huge decline in foreign debt was a result of the substantial reduction following the pay-off of the outstanding debts owed to the London Clubs of Creditors in the first quarter of 2007.

 

 

BUHARI, NIGERIA’S BIGGEST BORROWER, VIOLATING FINANCIAL LAWS

So far, Buhari is the country’s biggest borrower, increasing public debt (FG component) by more than 173 percent. Next to the Buhari government is the Yar’Adua/Jonathan administration with a 155 percent surge in borrowing.

 

The current government violates important financial laws in the country — the Fiscal Responsibility Act, and the CBN Act 2007.

 

Last year, the government exceeded the fiscal borrowing threshold as stipulated in the fiscal act.

 

Zainab Ahmed, minister of finance, budget and national planning, admitted to this on the grounds that COVID-19 was good enough reason to breach the act.

 

The fiscal responsibility law provides a limit of three percent debt threshold for sustainability, but the president can “exceed the ceiling if there is a clear and present threat to national security or sovereignty of Nigeria”.

 

In 2020, the country’s budget deficit was at about four percent of GDP, clearly breaking the law.

 

On overdraft, section 38, sub-section 1 and 2, of the CBN Act, said, “the Bank may grant temporary advances to the Federal Government in respect of temporary deficiency of budget revenue” and “the total amount of such advances outstanding shall not at any time exceed 5 percent of the previous year’s actual revenue of the Federal Government”.

 

By the end of 2020, CBN overdrafts to the Buhari government exceeded the limit by 69 percent of the revenue generated in 2019 – in a blatant violation of the apex bank rules. The government’s revenue in the year was N4.1 trillion, and overdraft stood at N2.9 trillion.

 

Also, Nigeria’s borrowing limit as a percent of GDP stood at 34.8 percent in 2020, well above 25 percent for the year. Earlier this year, the federal executive council (FEC) had strategically raised the borrowing limit to 40 percent in its Medium-term debt management strategy for Nigeria for the period 2020-2023.

 

While Nigeria’s debt-to-GDP is lower than those of its peers, its debt-to-revenue is too low to sustain the country. Of every N100 government makes in revenue, N97 now goes to debt servicing.

 

In the last four administrations, only Obasanjo’s team reduced public debt; his government recorded a 32 percent decline with the London Club agreement.

 

INCREASING PUBLIC DEBT WORRYING

While borrowing is required to support the economy, sustainability transparency and sustainable repayment plan are crucial.

 

Femi Oke, an economist, said Nigeria’s soaring high debt profile is not good for the country.

 

“The Nigerian government borrows in the worst possible way and in a very outdated manner. This causes a backlash to the government. Because Nigeria’s debts are not linked to any assets, we just go to the treasury bill market and borrow, at any rate, that anybody wants to give you,” he said.

 

“There are many other countries who borrow more than what Nigeria is borrowing and don’t have any problem paying back. They borrow intelligently and efficiently, in a way that their debts service themselves.

 

“A more efficient way of borrowing is for the Federal Government to migrate all the debts to asset-linked debts. This means structuring the borrowing transaction like investments. There must be an underlying asset to which borrowers can use to recover the principal they gave the country plus profit.”

 

Vahyala Kwaga, senior researcher and policy analyst at BudgIT, said the level of borrowing – specifically in 2021- is the highest it has been in the last six years.

 

“The government is borrowing more, spending more and earning less revenue. For context, the government budgeted about N5.37 trillion in revenue in 2020 but only earned a total of N3.42 trillion,” Kwaga said.

 

“There is also no commensurate rise in revenue to counteract the continuing rise in debt servicing. A casual look at the debt servicing level from 2015 to 2020 shows that the level has steadily increased since then.

 

“These amounts include debt servicing on interests for ‘ways and means’ and ‘sinking fund to retire maturing Loans.’”

 

NIGERIA’S ACTUAL DEBT COULD BE 48.7TRN

Wilson Erumebor, a senior economist at Nigerian Economic Summit Group, said Nigeria is a case where expenditure keeps rising, revenue not improving as expected, creating a wide fiscal deficit that is majorly financed by borrowing.

 

“While borrowing is required to support the economy, especially given the impact of the pandemic, what we need to be concerned about is how sustainable Nigeria’s debt position is,” he said.

 

“Debt has risen N33.1 trillion as of March 2021, an increase of 162.7% in the space of about five years.

 

“When we include AMCON’s liabilities and CBN’s ways and means, debt could amount to about N48.7 trillion, which is around 32 percent of GDP.

 

“Debt to GDP may seem quite low at 32 percent, we must understand that debt is serviced with revenues, so if debt servicing is increasing and revenue is not performing, then we have a problem.”

 

Erumebor suggests that the federal government must improve efficiency, transparency, blocking leakages, and deliver value on public projects, despite limited resources.

 

“We must work towards unlocking many sectors and many areas where the country can earn revenue.”

 

In 2020, the International Monetary Fund (IMF) said Nigeria’s low debt-to-GDP ratio is highly vulnerable to shocks.

 

“Despite Nigeria’s relatively low debt level, liquidity-based indicators-driven by low revenue mobilisation-remain concerning, with the interest bill representing a high share of government revenue (but low relative to GDP),” IMF said in its country’s report for Nigeria.

 

“Stress scenarios confirm the vulnerability of public debt to a low growth/wide primary deficit scenario. The interest-to-revenue ratio is particularly vulnerable to a real interest rate shock but remains sustainable.”

 

Recently, market researchers at United Capital also expressed concern over the country’s rising debt sustainability risk. “The government has historically justified its rising debt profile by the compliant debt-to-GDP ratio of less than 30.0%,” the research firm said.

 

“However, we reiterate our position that the FG’s debt service cost as a percentage of revenue is a fairer reflection of the country’s debt sustainability position.”

 

At an overall public debt of N33.1 trillion ($87.24 billion), the implication remains that every Nigerian owes both local and foreign organisations N165, 500.

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DHQ Launches Fresh Offensive in Katsina to Hunt Killers of Retired General Rabe

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DHQ Launches Fresh Offensive in Katsina to Hunt Killers of Retired General Rabe
Nigeria Military Troops

DHQ Launches Fresh Offensive in Katsina to Hunt Killers of Retired General Rabe

KATSINA, Nigeria — The Defence Headquarters Joint Task Force North West has launched a fresh military offensive code-named Operation Clean Sweep III in Katsina State, aimed at hunting down and eliminating the bandits and terrorists responsible for the abduction and subsequent death in captivity of the former Defence Spokesperson, retired Major General Rabe Abubakar.

A statement released on Monday by Media Information Officer of the Joint Task Force (North West) under Operation Fansan Yamma, Lieutenant Colonel Aliyu Danja, said the offensive, which kicked off on Sunday, June 14, 2026, focuses on the Matazu Local Government Area and adjoining communities where the criminal networks operate. The operation was launched in direct response to the incident that led to the retired general’s death, with the military stating that the offensive is aimed at locating and neutralizing the perpetrators of the “heinous act,” dismantling criminal networks, and restoring security within the affected communities.

General Rabe and his wife, Hajiya Amina Abubakar, were abducted by suspected terrorists on May 30, 2026, along the Marabar Musawa–Kafinsoli Road in Matazu LGA. The retired general was traveling with his driver and wife to Katsina for a wedding ceremony when the terrorists emerged near a village called Zakin Baure, blocked the road, and opened fire on his vehicle, a red-coloured Peugeot 406 car. The driver escaped with gunshot injuries and was later admitted to a hospital.

While the retired general died while being held in the kidnappers’ den and was buried on June 13, his wife is believed to still remain in the hands of the captors. The late senior military officer was laid to rest on Sunday at about 6:00 p.m. at the Gidan Dawa Cemetery, located opposite his residence in Katsina metropolis, following funeral prayers attended by a large crowd of mourners.

The military confirmed that troops have already recorded notable successes since the operations commenced. To crush the criminal syndicates, fighting patrols, intelligence-led raids, cordon-and-search operations, and thorough clearance missions have been deployed across all suspected terrorist enclaves within the Joint Operations Area.

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The Defence Headquarters revealed that breakthroughs have already been achieved in the Dikkawa Hills general area, as well as surrounding communities including Adua, Nasarawa, and Karaduwa. During these intensive operations, troops successfully searched and combed several criminal enclaves, discovering and completely destroying the terrorists’ life-support structures, operational logistics bases, and camps. The JTF emphasized that the destruction of these hubs has severely degraded the criminals’ ability to launch attacks or operate freely within Katsina State.

The military said the offensive is being conducted in collaboration with sister services, other security agencies, and local stakeholders, whose support has contributed to ongoing efforts to improve security in the state. The Theatre Command reassured residents of Matazu and surrounding communities of its commitment to protecting law-abiding citizens and denying terrorists and bandits freedom of movement within the region.

The Theatre Command also urged members of the public to continue providing credible and timely information that could assist security agencies in tracking and apprehending criminal elements, assuring that all information received would be treated confidentially. The command added that troops would sustain pressure on terrorists and bandits until the objectives of Operation Clean Sweep III are fully achieved, with further updates to be provided as the operation progresses.

General Rabe, who served as the Director of Defence Information at Nigeria’s Defence Headquarters between 2015 and 2017, had a high-profile role as military spokesman. The military paid tribute to the major general, describing the loss as “tragic” and noting that he made “immense contributions to counter-insurgency operations.” According to local media reports, he was 61 when he died.

The abduction and death of Abubakar highlight the continuing security challenges facing parts of north-west Nigeria, where criminal gangs known locally as “bandits” frequently carry out kidnappings for ransom, as well as cattle rustling and attacks on rural communities. Katsina has been one of the states most affected by the violence.

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Some local government areas in Katsina, including Jibia, Batsari, Kurfi, Safana, Danmusa, Matazu, Musawa, Kankara, Faskari, Malumfashi, and Bakori, had previously agreed to establish peace accords with terrorists in their areas. However, while some of these areas have seen relative calm, the situation in Matazu, Bakori, Musawa, Kankia, and Malumfashi has only deteriorated. The Marabar Musawa–Musawa–Matazu–Kafin Soli road where the general was abducted became volatile after the peace deal broke.

Even before the May 30 abduction, there were several cases of abduction on the road as well as attacks on communities and towns in the area. According to reports, Muhammadu Fulani, the terrorists’ leader in the Matazu-Musawa area, accused the state government of arresting three of his men and seizing his livestock. The abductors had demanded the release of detained bandits and the return of confiscated livestock as conditions for his freedom.

On June 6, the terrorists released a video clip of the couple begging for the government to rescue them. The wife, who spoke, asked the government to facilitate the release of some three terrorists arrested by security agents in exchange for the couple’s freedom. On June 8, the terror group leader, Muhammadu Fulani, said he would not release the wife of the general as promised, after the government dispatched security agents to the area to fight him.

On June 12, a special prayer session was organised at the Sa’ad Bin Abi Waqqas Mosque in Barhim Estate, Katsina city, at 5 p.m. Several relatives and friends attended the prayer session, where the Imam called on the government to ensure the safe return of Rabe, his wife, and all abducted victims. On the morning of June 13, a WhatsApp message began circulating, especially in Katsina, saying the general had died Friday night, June 12.

On Saturday, the Katsina State Government confirmed Abubakar’s death, with Commissioner for Internal Security and Home Affairs Nasiru Mu’azu stating that he “died a natural death from complications of diabetes and hypertension.” However, family members and other sources countered the claim, saying the late major general had no history of diabetes. They maintained that he died after being bitten by a snake while being held captive by the kidnappers.

Speaking in an interview with Deutsche Welle (DW), Isyaku Rabe, the deceased’s son, described the government’s account as inaccurate, insisting that his father had no known history of either diabetes or high blood pressure before his abduction. “Our father was not diabetic or hypertensive,” he said. The family also dismissed reports circulating on social media suggesting that the late general’s wife had regained her freedom. According to Isyaku, his mother remains in captivity, contrary to some sources who claimed she was released alongside her husband’s remains.

Recounting the family’s ordeal, Khadija Rabe Abubakar, the general’s daughter, said they initially believed their parents would be rescued alive. “When we heard the news of our father’s death, we were shocked and heartbroken because we had hoped they would be rescued alive and unharmed, based on assurances from many quarters,” she said. “We buried our father without our mother by our side. That pain is indescribable. Every day she remains in captivity deepens our trauma.”

DHQ Launches Fresh Offensive in Katsina to Hunt Killers of Retired General Rabe

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Grand Imam of Osun Presents New Olori-Ratib of Osogbo to Muslim Congregation

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Sheikh Imam Surajudeen Ademola Oloye-Irorun Iyalode, newly appointed Olori-Ratib of Osogbo Land

Grand Imam of Osun Presents New Olori-Ratib of Osogbo to Muslim Congregation

The Grand Imam of Osun State, Sheikh Musa Muhammad Rabi’i Animasaun, has officially announced and presented the newly appointed Olori-Ratib of Osogbo Land, Sheikh Imam Surajudeen Ademola Oloye-Irorun Iyalode, to the Muslim community during a special gathering at the Central Mosque, Oja-Oba, Osogbo.

The announcement, which marked a significant milestone in the religious leadership structure of Osogbo Land, came shortly after the Grand Imam formally introduced the new Olori-Ratib to the Ataoja of Osogbo, Oba Jimoh Oyetunji Olanipekun Abidemi Larooye II, during the monthly prayers of the Muslim community held at the royal palace.

Addressing a large congregation of Muslim faithful at the Central Mosque, Sheikh Animasaun described the new Olori-Ratib as a committed Islamic scholar, seasoned cleric, and a capable leader entrusted with the responsibility of coordinating and overseeing the activities of Ratib Imams across Osogbo Land.

The Grand Imam emphasized that the appointment was made after careful consideration and expressed confidence in the ability of Imam Oloye-Irorun Iyalode to provide spiritual guidance and strengthen the administration of Islamic affairs within the ancient town.

The formal presentation was greeted with enthusiasm and prayers from members of the Muslim community, who welcomed the new religious leader and pledged their support for his administration. The gathering also served as a demonstration of unity among Islamic scholars, clerics, community leaders and worshippers in Osogbo.

Speaking shortly after his presentation, the newly appointed Olori-Ratib expressed profound appreciation to the Grand Imam of Osun State, the Nahibul-Imam, the Grand Mufasir, Ratib Imams, Islamic scholars and members of the Muslim community for the confidence reposed in him.

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He assured the congregation of his commitment to preserving the values and traditions of Islamic leadership while promoting peace, unity and cooperation among Muslims in Osogbo and beyond.

According to him, his administration would focus on strengthening harmony among Islamic groups, advancing religious education and contributing to the overall growth and development of Islam across Osogbo Land and Osun State.

The event was attended by prominent Islamic scholars, clerics, community leaders and worshippers, who offered prayers for divine guidance, wisdom and success for the new Olori-Ratib as he assumes his new responsibilities.

Observers described the occasion as a landmark moment in the history of Islamic leadership in Osogbo, noting that it further reinforced the longstanding relationship between the Muslim community, traditional institutions and religious authorities in the town.

The presentation is expected to usher in a new phase of collaboration among Islamic leaders in Osogbo as efforts continue to strengthen religious activities and promote unity within the Muslim Ummah.

Grand Imam of Osun Presents New Olori-Ratib of Osogbo to Muslim Congregation

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Recruitment: Board Releases Successful Immigration, NSCDC, Fire Service Applicants

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Recruitment: CDCFIB Releases Successful Immigration, NSCDC, Fire Service Applicants

Board Releases Successful Immigration, NSCDC, Fire Service Applicants

The Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) has released the list of successful candidates who participated in the November 2025 Online Computer-Based Test (CBT) for the ongoing 2024/2025 paramilitary recruitment exercise.

According to a statement issued in Abuja on Saturday by the Board Secretary, retired Maj.-Gen. Abdulmalik Jibril, successful applicants across the participating agencies are now expected to proceed to the next stage of the exercise, which is physical screening and document verification.

The recruitment covers four major paramilitary agencies under the board, including the Nigeria Security and Civil Defence Corps (NSCDC), Nigeria Immigration Service (NIS), Federal Fire Service (FFS), and the Nigerian Correctional Service (NCoS).

Applicants who took part in the CBT are to check their status on the official CDCFIB recruitment portal between June 15 and June 20, the Board announced.

Candidates are required to log in using the application number generated during registration to confirm whether they have been shortlisted for the next stage of the recruitment process.

Shortlisted applicants will also be required to upload their credentials and select preferred dates and venues for their physical screening and document verification exercise, in line with instructions provided on the portal.

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The Board advised all applicants to carefully follow every guideline issued on the portal to avoid mistakes that could affect their eligibility or progression in the recruitment exercise.

According to CDCFIB, successful candidates will proceed to the physical screening stage, where their documents, identity, and eligibility details will be thoroughly verified before final selection.

Officials explained that this stage is critical in determining final qualification into the various paramilitary services, as only candidates who meet all requirements will advance.

Applicants were urged to ensure that all submitted documents are authentic, accurate, and properly uploaded, warning that inconsistencies could lead to disqualification.

The CDCFIB also reiterated that the entire paramilitary recruitment exercise remains completely free of charge, warning applicants against fraudsters demanding payment at any stage of the process.

It stressed that no individual, agent, consultant, or organisation has been authorised to collect money for shortlisting, venue allocation, or final selection.

“The recruitment exercise remains absolutely free. Applicants should not pay money to anyone claiming to assist with the process,” the statement warned.

The Board further advised candidates to ignore fake messages, fraudulent links, and unofficial social media accounts spreading false recruitment information.

It emphasised that all official updates on the CDCFIB recruitment process will be communicated strictly through the official recruitment portal and approved communication channels.

Applicants were urged to rely only on verified sources to avoid falling victim to scams targeting job seekers during the recruitment exercise.

Finally, Board Secretary Maj.-Gen. Abdulmalik Jibril reaffirmed CDCFIB’s commitment to ensuring a transparent, credible, and merit-based recruitment process in line with public service rules.

He added that the exercise is designed to ensure fairness across all participating agencies, including the NSCDC, Immigration Service, Fire Service, and Correctional Service.

Board Releases Successful Immigration, NSCDC, Fire Service Applicants

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