According to the Dept Management Office Nigeria (DMO), statistics have shown a drastic increase in the exchange rate and borrowing trends that occured in different administration of governments from 1999-2021. Such unprecedented situations with several objectives base on their political aims and vision is still rhetorical.
From the year 1999-2007 under the administration of the former president Olusegun Obasanjo, the total amount acumulated in order to facilitate and achieve it’s priority sumed up to 2.42 trillion Naira, with an exchange rate of 116.8 Naira to a dollar. Statistical it rose up to over 20%.
After a change in government, the former president Musa Yar’adua
/Jonathan administration a total amount of 6.17 trillion Naira borrowed, constituting it reasons to aid the supposed budget during their administration from 2007-2011 respectively, while the exchange rate of Naira to dollar increase to 156.7 Naira to a dollar.
Presently, president Muhammad Buhari (GCFR) doubled the amount to 26.91 trillion Naira, leading a drastic decrease in Naira and it’s value at the world’s exchange market resulting to 381.0 Naira par dollar.
Despite the inflationary rise in prices of the goods and services, the government of the former president Good luck Jonathan worked toward tackling such issues, unfortunately the price of dollar to Naira at the exchange rate Market was 196.95 Naira, While on the other hand the sum of 12.12 trillion Naira borrowed to complete the governments’.
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