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[11/24, 12:23] +234 916 691 0100: The highest Nigeria government borrowing trends is in the year of buhari administration from 2015 to 2021 which is boost to 26.91 trillion naira while the lowest amount borrowing trends is in the years 1999-2007 during obansojo administration which was 2.4 trillion naira.
[11/24, 12:23] +234 916 691 0100: So far, Buhari is the country’s biggest
borrower, increasing public debt (FG
component) by more than 173 percent.
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 above1
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.