Under President Goodluck Jonathan, the Federal Government has borrowed a total of N2.57tn.

Thus, the Federal Government’s debt profile rose from N4.18tn as of June 30, 2010 to N6.75tn as of June 30, 2012.

Jonathan was sworn in as Nigeria’s Acting President on February 10, 2010 following the death of President Umaru Yar’Adua and was later sworn in as the elected president on May 29, 2011.

Records obtained from the Debt Management Office showed that four months after Jonathan became Acting President, the total debt profile stood at N4.18tn (as at June 30, 2010).

However, by June 30, 2012; the debt profile had ballooned to N6.75tn.

This shows that within a period of 24 months or two years, the Federal Government debt profile rose by 61.48 per cent.

Analysis of the debt increment between June 30, 2010 and June 30, 2012 shows that the Federal Government borrowed an average of N107.08bn every month for 24 months or a total of N1.285tn per annum.

If the increment in debt profile is subjected to daily analysis, the Federal Government borrowed N3.52bn every day for a period of two years.

This debt profile is exclusive of the nation’s total debt portfolio as it is more difficult to determine the total indebtedness of the subnational government – the state and local governments.

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