{"id":6236,"date":"2020-09-30T11:00:14","date_gmt":"2020-09-30T10:00:14","guid":{"rendered":"http:\/\/dubawa.org\/dir\/?p=6236"},"modified":"2020-09-30T11:00:18","modified_gmt":"2020-09-30T10:00:18","slug":"fact-checking-reno-omokris-claim-on-nigerias-debt-profile","status":"publish","type":"post","link":"https:\/\/dubawa.org\/dir\/fact-checking-reno-omokris-claim-on-nigerias-debt-profile\/","title":{"rendered":"Fact-checking Reno Omokri\u2019s claim on Nigeria\u2019s debt profile"},"content":{"rendered":"\n

On 10th September 2020, Reno Omokri, an ex-spokesperson to the former president Goodluck Jonathan, claimed that Jonathan met a debt of N7.9trillion when he became president in 2010. He added that in five years, Mr Jonathan only borrowed the sum of N4.7 trillion.<\/strong><\/p>\n\n\n\n

The claim<\/a> which was posted on his twitter handle @renoomokri gathered 100 retweets and 283 likes in the first forty-two minutes. He also advanced that the incumbent president, Muhammadu Buhari, met the debt of N12 trillion and has borrowed N18.9trillion.<\/p>\n\n\n\n

\u201cLet me shock Nigerians: @GEJonathan met a debt of \u20a67.9 trillion in 2010. In 5 years, he borrowed \u20a64.7 trillion. He built Abuja-Kad rail, 14 universities, etc. General @MBuhari met a debt of \u20a612 trillion and borrowed \u20a618.9 trillion. What has he done with the debt? #BuhariTormentor” he tweeted.<\/p>\n\n\n\n

Former President Jonathan who was the vice president to President Umar Musa Yar\u2019Adua was named the acting president on February 9, 2010, after the invocation of the doctrine of necessity when the late president Yar\u2019Adua left the country for medical treatment in November 2009. <\/p>\n\n\n\n

He was sworn in as the president of Nigeria following the death of his principal on May 5, 2010.  He left office in 2015 after losing his re-election bid to the incumbent president, Muhammadu Buhari.<\/p>\n\n\n\n

In 2019, Mr Buhari got re-elected after defeating his archrival, Abubakar Atiku, of the People\u2019s Democratic Party (PDP) in the last general election.<\/p>\n\n\n\n

 THE CLAIMS<\/strong><\/p>\n\n\n\n

Claim 1:<\/strong><\/p>\n\n\n\n

That former President Goodluck Jonathan met a total debt of N7.9trillion when he became president in 2010 and borrowed the sum of N4.7 trillion for various developmental projects<\/strong><\/p>\n\n\n\n

Claim 2:<\/strong><\/p>\n\n\n\n

That president Muhammadu met a debt of N12 trillion naira in 2015 and has borrowed N18.9 trillion<\/strong><\/p>\n\n\n\n

Findings on claim 1<\/strong><\/h3>\n\n\n\n

Although Mr Omokri did not provide the exact date Mr Jonathan took over in 2010 in his claim, The ICIR<\/strong> visited the website of Debt Management Office (DMO) to obtain documents of Nigeria\u2019s debt profile between 2010 \u2013 2020.<\/p>\n\n\n\n

According to the 2010 annual report<\/a> of the Debt Management Office (DMO), the total public debt outstanding rose in 2010 and was traced to borrowings from both external and domestic sources. The increase in the external debt component came largely from multilateral sources.<\/p>\n\n\n\n

The total public debt outstanding at the end of 2010 (external and domestic debt of the Federal Government) was N5,234,822,824.917 trillion (US$35,093.10 million) at an official CBN exchange rate of N149.17\/US$1 as of December 2010. This represented an increase of N1,383,551,851 trillion(US$9,275.68 million), or 35.93 per cent when compared to N3,851,121,952 trillion (US$25,817.42million) at the end of 2009. <\/p>\n\n\n\n

The increase came from both the external and domestic components of the total debt stock, with the latter accounting for the bulk (93.3 %) of the total increase. <\/p>\n\n\n\n

The significant rise in the domestic debt can be traced to the N1,244,376,204 trillion (US$8,342.43 million) issuances of new FGN bonds to fund projects in key growth sectors of the economy and to finance the 2010 budget deficit.<\/p>\n\n\n\n

As at the end of March 2015, Nigeria\u2019s total internal and external debt stock stood at N12.06 trillion or $63.5 billion, up from N11.2 trillion or $67.726 billion in December 2014 according to figures released<\/a> by the Debt Management Office (DMO) on March 31, 2015.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Verdict: False\u00a0<\/strong><\/p>\n\n\n\n

The claim that former President Goodluck Jonathan met a total debt of N7.9trillion when he became president in 2010. According to the debt management office, as at Dec 31, 2010, Nigeria\u2019s public debt was N5,234,822,824.917 trillion. <\/strong><\/p>\n\n\n\n

Claim 2<\/strong><\/h3>\n\n\n\n

Barely a month after the emergence of Mr Buhari as president in 2015, the debt management office published a report<\/a> which pegged Nigeria\u2019s debt profile at N12.12 trillion as of June 2015.\u00a0<\/p>\n\n\n\n

Also, as of June 30, 2020, the agency in its report <\/a>on the country debt profile said the total Public Debt Stock which comprises the Debt Stock of the Federal Government, the 36 State Governments and the Federal Capital Territory stood at \u20a631.009 Trillion.<\/p>\n\n\n\n

A breakdown of the figure showed that external debt accounts for 36.65 percent of the country\u2019s total debt. According to a recent NBS report on Nigeria\u2019s public debt profile, the total external debt stands at N11,363,243.93 trillion, of which the Federal government accounted for #9,824,282.88, representing 31.68 percent of the external debt while state governments and the FCT accounted for 1,538,961.05, representing 4.96 percent of the debt<\/p>\n\n\n\n

Also, the domestic debt of the country\u2019s total debt profile accounted for #19,645,398.21 trillion, representing 63.35 percent. Of the domestic debt, the federal government has a total of 15,455,699.13 trillion, representing 49.84 percent while the state governments and the FCT accounted for 4,189,699.08 trillion, representing 13.51 percent of the debt.<\/p>\n\n\n\n

According to DMO, the increase was necessitated by the USD3.36 Billion Budget Support Loan from the International Monetary Fund, New Domestic Borrowing to finance the Revised 2020 Appropriation Act including the issuance of the \u20a6162.557 Billion Sukuk, and Promissory Notes issued to settle claims of Exporters.<\/p>\n\n\n\n

Verdict:<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

It is TRUE that president Muhammadu met a debt of #12 trillion naira in 2015 and has borrowed #18.9 trillion to finance critical infrastructure projects.\u00a0\u00a0<\/strong><\/p>\n\n\n\n

The researcher produced this fact-check per the Dubawa 2020 Fellowship partnership with The ICIR<\/a> to facilitate the ethos of \u201ctruth\u201d in journalism and enhance media literacy in the country.\u00a0<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

On 10th September 2020, Reno Omokri, an ex-spokesperson to the former president Goodluck Jonathan, claimed that Jonathan met a debt of N7.9trillion when he became president in 2010. He added that in five years, Mr Jonathan only borrowed the sum of N4.7 trillion. The claim which was posted on his twitter handle @renoomokri gathered 100 retweets and 283 likes in the first forty-two minutes. He also advanced that the incumbent president, Muhammadu Buhari, met the debt of N12 trillion and has borrowed N18.9trillion. \u201cLet me shock Nigerians: @GEJonathan met a debt of \u20a67.9 trillion in 2010. In 5 years, he borrowed \u20a64.7 trillion. He built Abuja-Kad rail, 14 universities, etc. General @MBuhari met a debt of \u20a612 trillion and borrowed \u20a618.9 trillion. What has he done with the debt? #BuhariTormentor” he tweeted. Former President Jonathan who was the vice president to President Umar Musa Yar\u2019Adua was named the acting president on February 9, 2010, after the invocation of the doctrine of necessity when the late president Yar\u2019Adua left the country for medical treatment in November 2009.  He was sworn in as the president of Nigeria following the death of his principal on May 5, 2010.  He left office in 2015 after losing his re-election bid to the incumbent president, Muhammadu Buhari. In 2019, Mr Buhari got re-elected after defeating his archrival, Abubakar Atiku, of the People\u2019s Democratic Party (PDP) in the last general election.  THE CLAIMS Claim 1: That former President Goodluck Jonathan met a total debt of N7.9trillion when he became president in 2010 and borrowed the sum of N4.7 trillion for various developmental projects Claim 2: That president Muhammadu met a debt of N12 trillion naira in 2015 and has borrowed N18.9 trillion Findings on claim 1 Although Mr Omokri did not provide the exact date Mr Jonathan took over in 2010 in his claim, The ICIR visited the website of Debt Management Office (DMO) to obtain documents of Nigeria\u2019s debt profile between 2010 \u2013 2020. According to the 2010 annual report of the Debt Management Office (DMO), the total public debt outstanding rose in 2010 and was traced to borrowings from both external and domestic sources. The increase in the external debt component came largely from multilateral sources. The total public debt outstanding at the end of 2010 (external and domestic debt of the Federal Government) was N5,234,822,824.917 trillion (US$35,093.10 million) at an official CBN exchange rate of N149.17\/US$1 as of December 2010. This represented an increase of N1,383,551,851 trillion(US$9,275.68 million), or 35.93 per cent when compared to N3,851,121,952 trillion (US$25,817.42million) at the end of 2009.  The increase came from both the external and domestic components of the total debt stock, with the latter accounting for the bulk (93.3 %) of the total increase.  The significant rise in the domestic debt can be traced to the N1,244,376,204 trillion (US$8,342.43 million) issuances of new FGN bonds to fund projects in key growth sectors of the economy and to finance the 2010 budget deficit. As at the end of March 2015, Nigeria\u2019s total internal and external debt stock stood at N12.06 trillion or $63.5 billion, up from N11.2 trillion or $67.726 billion in December 2014 according to figures released by the Debt Management Office (DMO) on March 31, 2015. Verdict: False\u00a0 The claim that former President Goodluck Jonathan met a total debt of N7.9trillion when he became president in 2010. According to the debt management office, as at Dec 31, 2010, Nigeria\u2019s public debt was N5,234,822,824.917 trillion.  Claim 2 Barely a month after the emergence of Mr Buhari as president in 2015, the debt management office published a report which pegged Nigeria\u2019s debt profile at N12.12 trillion as of June 2015.\u00a0 Also, as of June 30, 2020, the agency in its report on the country debt profile said the total Public Debt Stock which comprises the Debt Stock of the Federal Government, the 36 State Governments and the Federal Capital Territory stood at \u20a631.009 Trillion. A breakdown of the figure showed that external debt accounts for 36.65 percent of the country\u2019s total debt. According to a recent NBS report on Nigeria\u2019s public debt profile, the total external debt stands at N11,363,243.93 trillion, of which the Federal government accounted for #9,824,282.88, representing 31.68 percent of the external debt while state governments and the FCT accounted for 1,538,961.05, representing 4.96 percent of the debt Also, the domestic debt of the country\u2019s total debt profile accounted for #19,645,398.21 trillion, representing 63.35 percent. Of the domestic debt, the federal government has a total of 15,455,699.13 trillion, representing 49.84 percent while the state governments and the FCT accounted for 4,189,699.08 trillion, representing 13.51 percent of the debt. According to DMO, the increase was necessitated by the USD3.36 Billion Budget Support Loan from the International Monetary Fund, New Domestic Borrowing to finance the Revised 2020 Appropriation Act including the issuance of the \u20a6162.557 Billion Sukuk, and Promissory Notes issued to settle claims of Exporters. Verdict: It is TRUE that president Muhammadu met a debt of #12 trillion naira in 2015 and has borrowed #18.9 trillion to finance critical infrastructure projects.\u00a0\u00a0 The researcher produced this fact-check per the Dubawa 2020 Fellowship partnership with The ICIR to facilitate the ethos of \u201ctruth\u201d in journalism and enhance media literacy in the country.\u00a0<\/p>\n","protected":false},"author":1,"featured_media":6242,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"hannibal_claim_source":"","hannibal_source_label":"","hannibal_card_color":"blue","_jetpack_memberships_contains_paid_content":false,"footnotes":"","_wpscppro_dont_share_socialmedia":false,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"","_twitter_share_type":"","_linkedin_share_type":"","_pinterest_share_type":"","_linkedin_share_type_page":"","_instagram_share_type":"","_medium_share_type":"","_threads_share_type":"","_google_business_share_type":"","_bluesky_share_type":"","_mastodon_share_type":"","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[210,435,120,123,16],"tags":[1487,1486,115,60,108,75,1485,251],"verdict":[],"ppma_author":[1163],"class_list":["post-6236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","category-article","category-economy","category-mainstream","category-politics","tag-debt","tag-debt-profile","tag-fact-check","tag-nigeria","tag-president-goodluck-jonathan","tag-president-muhammadu-buhari","tag-reno-omokri","tag-twitter"],"jetpack_shortlink":"https:\/\/wp.me\/p8R6dE-1CA","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"authors":[{"term_id":1163,"user_id":0,"is_guest":1,"slug":"samad-uthman","display_name":"Samad Uthman","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/b558b8342d72c9e3c0d04667c82b4419c573ddecc3a326d51a297e218138cbbd?s=96&r=g","author_category":"","user_url":"","last_name":"Uthman","first_name":"Samad","job_title":"","description":""}],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/dubawa.org\/dir\/wp-content\/uploads\/2020\/09\/public-debt.jpg?fit=1200%2C700&ssl=1","_links":{"self":[{"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/posts\/6236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/comments?post=6236"}],"version-history":[{"count":0,"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/posts\/6236\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/media\/6242"}],"wp:attachment":[{"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/media?parent=6236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/categories?post=6236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/tags?post=6236"},{"taxonomy":"verdict","embeddable":true,"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/verdict?post=6236"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/ppma_author?post=6236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}