Huge debts await Buhari

AFTER the euphoria of their electoral victories, one of the major challenges that will confront the President-elect, Major-General Muhammadu Buhari (retd), and 20 or 21 new governors is the level of debt stock the out-going administrations will leave behind.

According to the Debt Management Office, DMO, the Federal Government has a stock of $6.445 billion in external debt (N1.29 trillion at the rate of one dollar to N200)) and another N7. 9 trillion domestic debt totalling N9.19 trillion, as of December 31, 2014. This is the equivalent of two years budget.