I just hope Nigerians would understand what they are presently tied to but I think I can brief them what awaits that unborn kid in 30 years.
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From January 2017 till December 2019. Buhari-led administration added a total debt of N11.67 trillion in FG bond sales alone which is equivalent to $38.26 billion.
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From January 1 2017 and December 31 2019, Messr Buhari led Federal Govt allotted bond worth N3.85 trillion to investors.
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The Federal Government of Nigeria allotted bonds in the following order between January 1 2017 ~ December 31 2019
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Between January 1 2017 ~ December 31 2017
1. N244.41 billion @ 15.85% (avg)for 5 years
2. N618.68 billion @ 15.96% (avg)for 10 years
3. N661.17 billion @ 16.42% (avg) for 20 years
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Between January 1 2018 ~ December 31 2018
The Federal Government of Nigeria allotted bonds in the following order
1. N173.81 billion @ 14.08% (avg)for 5 years
2. N97.94 billion @ 14.36% (avg)for 7years
3. N491.29 billion @ 14.36% (avg) for 10 years
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Between January 1 2019 ~ December 31 2019
The Federal Government of Nigeria allotted bonds in the following order
1. N296.25 billion @ 13.77% (avg) for 5 years
2. N37.9 billion @ 14.52% for 7 years
3. N700 billion @ 14.05% for 10 years
4. N543.62 billion @14.26 % (avg) for 30 years
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This simply mean if we don’t have any inflation for the next 30 years
Our debts will be in the following order
Buhari led Administration has allotted a total bond in the following category over between 2017 and 2019
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A = P(1 + rt)
Where:
A = Total Accrued Amount (principal + interest)
P = Principal Amount
I = Interest Amount
r = Rate of Interest per year in decimal; r = R/100
R = Rate of Interest per year as a percent; R = r * 100
t = Time Period involved in months or years
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a. N714.26 billion @14.57% avg. for 5 years , That takes our debts to ~ N1.234 trillion
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b. N135.84 Billion @ 14.44% avg for 7 years that takes our debts to ~ N273.14
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c. N 1.799 trillion @ 14.79% avg for 10 years that takes our debts to ~ N 4.46 trillion
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d. N661.17 billion @ 16.42 avg for 20 years that takes our debts to ~ N2.832 trillion
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f. N543.62 billion @14.26 % (avg) for 30 years that takes our debt to ~ N2.869 trillion
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From January 2017 till December 2019. Buhari led Administration added a total debt of N11.67 trillion in FG bond sales alone which is equivalent to $38.26 billion.
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