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'Jonathan incurred N5tn domestic debt in five years'

19 May 2015, 16:31

Abuja - The Federal Government has borrowed N5.04trn from the domestic debt market in the over five years that President Goodluck Jonathan has been presiding over the affairs of the country, Punch reports.

Records at the Debt Management Office showed that the domestic debt of the Federal Government stood at N3 466 360 000 000 (N3.47tn) as of March 31, 2010.

The latest debt statistics from the DMO as of March 31, 2015 showed that the domestic debt   had risen to N8 507 545 474 000 (N8.51tn).

Also read:Jonathan may dissolve cabinet on Wednesday

This means that in the last five years, the Federal Government had borrowed N5.04tn from domestic lenders. It also means that within the period, the domestic debt of the Federal Government grew by 157.48 per cent.

Jonathan became President on May 6,2010 following the death of President Umaru Yar’Adua on May 5,2010. On May 29, 2011, he was sworn in as an elected president.

Read more at Punch

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