From $10.32 billion foreign debt as of June 30, 2015, the country’s external debt commitment in three years increased by $11.77 billion. Despite these warnings, the Federal Government plans to borrow more in 2019, targeting to make its foreign debt 40 per cent of the country’s total debt stock. The foreign debt percentage now stands at 30.17 per cent. Since these loans are serviced mainly from oil revenue, fidelity to repayment schedules will always be at the mercy of volatility in the oil sector. Despite his $7 million earnings between 2005 and 2007, he failed to pay tax and fled to Costa Rica; but was repatriated to face justice.

Source: Punch February 01, 2019 01:18 UTC