Nigeria our beloved country which is tagged “The giant of Africa” has been going through economic situations that has led to borrowing of which the debt has been on the increase. This happen to be one of the reasons why Nigerian naira has lost its strength. From 1999-2007, former president Olusegun Obansanjo was the first to borrow money to run the country, the total amount he borrowed was 2.42trillion naira and at that time naira was 116.8 to 1dollar. Next was the former president late Umaru Musa Yar’adua and Goodluck Jonathan from 2007-2011. The amount borrowed was 6.17trillion naira. Yar’adua died and could not complete his tenure then Goodluck Jonathan who was his vice took over till the end of the tenure. During that time, naira was 156.7 to 1dollar. From 2011-2015, former president Goodluck Ebele Jonathan came in to power and he borrowed about 12.12 trillion naira which also increased the exchange rate as naira was 196.96 to 1dollar. Finally from 2015-2021, president Muhammadu Bihari who is the recent president has borrowed 26.9trillion naira which has drastically increased the exchange rate as 381.0 naira is equal to 1dollar. Presently, the price of things are not friendly and if the exchange rate continue to increase, it will cause havoc in the Nation’s economy.
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