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Buhari’s Transition Committee Chairman Says Ex Pres. Jonathan Left N7 Trillion Deficit




Ahmed Joda

According to Ahmed Joda, Chairman of President Muhammadu Buhari’s transition committee, the Goodluck Jonathan administration left behind a deficit of N7 trillion.

Here is what Joda stated, as reported by PM News:

“Nobody follows the rules anymore. You employ people anyhow and pay them anyhow and I think you in the media have a fair idea of what is going on and are surprised how bad things are. I often wondered, since the beginning of this exercise, if the PDP and president Jonathan had won the election what would have been the fate of Nigeria,” he said this in an interview with Daily Trust.

It would have been more difficult for them to face the challenge because they had been telling people that everything was good; the roads are good. They were not talking about the absence of light in the house, but they were talking about the capacity to produce electricity is 12,000 megawatts out of which only 5,000 could be released.

But even out of this 5,000 at the time they were doing the handing over notes only 1,300 megawatts were being generated, but they were talking about 35,000 kilometres of distribution lines and so on, but nobody told us the real problem – that there is no gas, or there is no capacity to transmit the electricity that could be generated; that even when it is delivered at the point of distribution the distribution system is so weak that it can’t take it.

I personally didn’t know that until I got into this exercise. Now, if they came back, they couldn’t wake up in the morning and say we can’t pay salaries, we couldn’t do this or even pay contractors and might even not be able to pay pensions and gratuities or finance any of our operations. We were told at the beginning of the exercise that the government was in deficit of at least N1.3 trillion and by the end people were talking about N7 trillion; everything is in a state of collapse.

The civil service is bloated and the military and police, if you are a Nigerian, you know what they have been facing for a long time; everywhere is in a mess and these things have to be fixed.”


  1. Timmy Tim

    June 22, 2015 at 7:56 am

    Only fools will think GEJ’s government left Nigeria in a state of robust. We all know the damages that were done and how they try covering for it. With a deficit of 7 trillion Naira, what’s more to say of the future of our generation and the ones coming behind. The previous government is one of the highly corrupted in history. “To the supporters of GEJ/PDP, I will not be surprised at how you’ all will attack my statement on bellanaija”. Good luck to the ‘mother/father LAND’.

    • yesooo

      June 22, 2015 at 8:57 am

      @Timmy Tim,come’ on please sound as tho you went to school. Govt borrow and if you run a viable business you will borrow.

      Tell me what you score in Economics and i will rightly place you.

    • yesooo

      June 22, 2015 at 8:57 am


    • John

      June 22, 2015 at 9:01 am

      The Lagos State Government owes 33.86 per cent of the country’s total sub-national external debts (debts owed by state governments), investigation has shown.

      Statistics obtained from the website of the Debt Management Office in Abuja on Wednesday showed that out of the total external debt of $3.01bn, Lagos State owed $1.02bn, leaving the remaining 35 states and the Federal Capital Territory with $1.99bn as of June 30, 2014.

      Can you see for your self APCites?

      Dont be in a hurry to show your ignorance!! It pays to research

    • Warizdiz

      June 22, 2015 at 12:55 pm

      I Just give up on some comments on BN. Almost every commenter on BN claim to hv gone to Uni. Yet, most only get their news from SDK, LIB & BN. It is common sense and elementary economics that when you talk of National debt, it is a sum total of what is owed inclusive of debts by the states. I never cease to be amazed when l see only a few commenters point accusing fingers at the State Governors. It is always about GEJ. Mentally lazy people feeding on rag sheet propaganda.

    • Punch 2014/Lagos State Debt Profile

      June 22, 2015 at 9:06 am

      The Lagos State Government owes 33.86 per cent of the country’s total sub-national external debts (debts owed by state governments), investigation has shown.

      Statistics obtained from the website of the Debt Management Office in Abuja on Wednesday showed that out of the total external debt of $3.01bn, Lagos State owed $1.02bn, leaving the remaining 35 states and the Federal Capital Territory with $1.99bn as of June 30, 2014.

      Further analysis shows that out of the $1.02bn external loan commitments, $937.91m was from multilateral bodies, while $82.5m represented loans contracted from bilateral sources.

      With a series of loan deals, the World Bank in particular has been involved in the urban renewal programme of Lagos State as well as efforts to reform the policy environment.

      Some of the latest approvals by the World Bank for the state include $42m loan deal approved by its Board of Executive Directors in March to support secondary education programme in the state.

      The new International Development Association credit of $42m to the Lagos EKO Secondary School Project was an addition to the original credit of $95m; which was said to have systematically benefited over 620,000 students a year in 667 public secondary schools in the state between 2009 and 2013.

      The school loan was shortly followed by an approval of $200m to the state to support reforms pertaining to fiscal sustainability, budget planning, budget execution and the investment climate.

      According to the World Bank, the loan is the first in two development policy operations and it builds upon the policy reforms initiated under a previous bank supported programme.

      It added that the goal of the programme was to assist Lagos State in sustaining the strong momentum it had achieved in improving public services, facilitating inclusive growth and reducing poverty.

      This includes measures to monitor and manage financial risks more effectively, ensure adequate growth in revenues, get better value for money in public expenditures, and improve institutions and processes for land registration and development permits.

      Attempts to speak to the Lagos State Government officials on the status of its external loans failed as repeated calls to the Commissioner of Finance, Mr. Ayo Gbeleyi, were not picked, neither did he respond to text messages sent to his mobile telephone number.

      Similarly, a text message to the state’s Commissioner of Information, Mr. Lateef Ibirogba, was not responded to. Calls to his mobile number could not go through.

      Other major holders of the country’s external sub-national debts include Kaduna State, which owes $245.51m, and Cross Rivers State, $120.21m. Others are Ogun, $116.69m; Bauchi, $111.61m and Oyo, $80.11m.

      The states least exposed to foreign debts are Borno, $16.07m; Plateau, $22.99m; Taraba, $24.06m; Delta, $24.7m and Benue, $28.79m.

      However, in comparison to the nation’s total external indebtedness, the states owe only 32.13 per cent; leaving the Federal Government with 67.87 per cent of the total $9.38bn.

      Loans from the China Export Import Bank and money raised from the Eurobond accounted for $2.54bn of the Federal Government’s $6.36bn external debt, while multilateral sources accounted for $3.82bn.

      As of June 2013, the nation’s total external loan stood at $6.92bn. This means that over a period of one year, it rose by $2.46bn, indicating a 35.51 per cent increase.

    • Timmy teacher

      June 22, 2015 at 10:30 am

      @Timmy you are a dullard as your master you seek to defend! Is this what i taught you?
      Has any other administration fought terrorism?
      So Abacha was not corrupt?
      OBJ several millions on Power (NEPA)was not corrupt?
      We know your type,you are Oby Ezekws who will defend her master.

      Let me ask you is Lagos corrupt and controlled by Tinubu or not?
      What about Rivers under Amaechi?Osun,Kano?
      Shut up jare dull student

    • Smith

      June 22, 2015 at 10:32 am

      Apparently you are even a bigger fool. Make your point intelligently. APC supporters still thinking like the opposition. Campaigns are over.

    • nnenne

      June 22, 2015 at 1:12 pm

      @Timmy…How much did they spend on Boko Haram?

  2. teegal

    June 22, 2015 at 8:19 am

    My oh my! My dearest country is in a state of Dilemma, you don’t even know who is saying the truth and who is not! I can only pray to God to rule the heart of every elected persons in the affairs of this nation! And grant the president Good health and long life to transform things for the betterment of this nation.

    • charles

      June 22, 2015 at 11:03 am

      You can be rest assured, that the Buhari led transition committee is telling us the facts. Let me give you a few instances;
      1. Okonjo Iweala (ex-finance minister) had always maintained (though stats and indexes showed otherwise), that the Nigerian economy was robust and stable up till the point of the elections, only to tell us later, that we were in a mess.
      2. The Ministry of power including the president’s spokesperson, had told Nigerians days leading up to the elections, that we were generating over 5,000 megawatts of electricity. Punch newspaper carried out an investigation only to find out that we were generating 2,300 megawatts.Weeks before hand over, the minister of power Nebo, told Nigerians that power generation had dropped to 1300 megawatts.
      3. Jonathan’s administration was filled with lies and deceits.
      4. Notwithstanding, it should not be an excuse for Buhari. I trust Buhari is up to the task and will be resolute enough to help fix the mess.

    • Sandi

      June 22, 2015 at 12:19 pm

      They are not telling us the facts, sorry. They’re planning on governing by Propaganda which is wrong. So far till date, what is the fact that they have presented?

      1. Okonjo Iweala never stated that we’re in a mess. Nigerian economy has always been robust because of high oil prices, this was true. When the price of oil dropped, the economy took a hit. What NOI and World Bank and IMF stated was that if the precautionary measures by NOI weren’t in place Nigeria would’ve been in a worse position. So yes this is life, things happen, there are external forces that have direct effect on the economy, how one prepares for it will determine how one survives it. I don’t know about you, but at the time the oil prices fell, the price of commodities did not rise, except for those who spend their money abroad, which you shouldn’t be doing if you want a vibrant Nigerian economy. Put your money in Nigeria and not outside. So because of the shock absorbers put in place, the Nigerian populace did not face in reality the drop in oil prices. We felt it only on the pages of newspapers and political ads.

      2. It is true that we were generating up to 5,000 megawatts of power, after all the government has been in place for 5 years and not for 2 weeks. You cannot use the event of two weeks to judge the past five years. It is like saying that because the naira dropped in relation to the dollar in December 2014, that it had done the exact same thing in July 2014. Basically these are things that aren’t static, they do not stay the same at all times. The reason the megawatts of power dropped 2 weeks to handover was because of the strike by NUPENG. If you’re not aware, power generation is from gas, so if gas is not being supplied due to the strike, there won’t be electricity. Once again, forces affect output.
      I hope you’ve noticed that things aren’t static, so please let your mind and reasoning not be static so you can give a fair assessment on any situation.

      3. This is entirely your opinion as factual indices prove otherwise
      4. I sincerely pray Buhari is up to the task because if he isn’t it is all of us that suffer. I also pray that he realises that you can’t govern by propaganda. We can easily pull up the handover speech of President Jonathan.

  3. or

    June 22, 2015 at 8:51 am

    Retire already ancestor!

    Yes only a docile govt will not borrow! Govt is a going concern ans as such she borrows.
    Go see the debt profile of USA! Even individuals,Dangote,Forte oil,Apple,Microsoft have enormous credit lines and facilities so shut it pa!
    Mtcheew Monday thrash!

    • Polypoly

      June 22, 2015 at 12:07 pm

      Cmon hush!! ITK
      Yes, america has debt but them $$ were used for the Development of the country. You wont find americans complaining of poor roads, power concerns, no jobs, no good public schools, etc

      This Transition committee chair pointed out that the acquired Debt doesnt make sense due to the lack of infrastructure the loans were to cover

    • nnenne

      June 22, 2015 at 1:21 pm

      @Polypoly… The ball is now in their court. Action speaks louder than voice. They should bring it on!

  4. yesooo

    June 22, 2015 at 8:54 am

    Lets see how Fulani butlers will come here and scream but praise Fashola whose debt is more than 26 other states!

    • hanee

      June 22, 2015 at 12:21 pm

      That Fulani butler is the president of federal republic of Nigeria . Who’s is your father please?

    • yesooo

      June 22, 2015 at 2:34 pm

      You where too in a haste to read clearly and understand dullard!
      The Fulani butler is you the follower,butler are servants of president. That where you belong.
      You praise Fashola who owed so much and abuse Fed Govt.

      Yeye dey smell from you butler!

    • Flaming

      June 22, 2015 at 3:24 pm

      And who is urs hanee?

  5. jay

    June 22, 2015 at 8:58 am

    Someone say hero one more time!! *kissing my teeth* Jona, Okonjo and all their thieving friends should be locked up and the key thrown away. Greedy, heartless human beings!

  6. teekay

    June 22, 2015 at 9:14 am

    God will deliver us

  7. Student of Economics

    June 22, 2015 at 9:16 am

    Please note that the debt profile from all states make up that of Federal Govt.

  8. Nigerian youth

    June 22, 2015 at 9:28 am

    Not speaking for PDP or APC, is Ahmed Joda the kind of brain Nigeria will seek to pick at this time?

    What happened to modern Economics?
    Isn’t this man way tooo and must be very archaic?
    What does this man know about modern behavioral Economics?
    Clean Energy Economics of 21st century?

    • nnenne

      June 22, 2015 at 1:24 pm

      @Nigerian youth. .. Change is here. Nigerian change, that is. .

  9. ink

    June 22, 2015 at 9:40 am

    How much is this in dollars? I wonder if the N7 trillion naira equates to the missing $20 billion dollars

  10. Dr.N

    June 22, 2015 at 9:41 am


  11. honey

    June 22, 2015 at 9:49 am

    I knew it. all that their win or quench attitude was because they were trying to hide some stuff. I only hope Buhari will be able to fix some of the rot cos he is moving too slow for my likeness.

  12. alexander mccathy

    June 22, 2015 at 9:59 am

    Deplorable…..its so unfortunate…..

  13. Hush Hush

    June 22, 2015 at 10:00 am

    APC should stop ranting,just show us your balance sheet for 16 years in Lagos and from other states of APC including the failed state Osun.

    Show us that of KANO where Ganduje met nothing. Oil rich Rivers where Wike borrowed to pay salaries?


  14. OBJ

    June 22, 2015 at 10:10 am

    Why use Ahmed Joda who read text books as
    Faulty Foundations:
    Soviet Economic Policies, 1928-1940
    Holland Hunter & Janusz M. Szyrmer.

    Kai Buhari bring men with fresh ideas and up-to date Economic realities.

    Haba.I dey kampe

  15. BlueEyed

    June 22, 2015 at 10:48 am

    The chairman of this “transition” committee looks like he is minutes to his grave….his words hold no water #MovingOn

    • yesooo

      June 22, 2015 at 2:39 pm

      Buhari is running an old peoples home hahahahahaha hihihihi

    • Olori Tari

      June 22, 2015 at 6:24 pm

      LOL Ahmed Joda’s words holds no water? This same man? One of the greatest men in Nigeria. Some of you guys really need to read up on people! I don’t know the old people you guys know but this idea of old people have nothing to offer is a bit of a mess. WHAATTTT?

      I don’t even know why I border, this is Bella Naija. I really should upgrade my unlooking game to a one hunnid (100) ?

  16. Kiki

    June 22, 2015 at 11:13 am

    Is this Buhari’s way of blaming his future mishaps on the old government? GEJ’s issues were long known. We voted for change, please go ahead and start changing things.

    • Sandi

      June 22, 2015 at 12:21 pm

      This is what I’m thinking, please we cannot afford failure, so he must get it right. He was voted in to get it right not throw blame.

    • FasholasLover

      June 22, 2015 at 1:01 pm

      Abi o. This is why we voted for change. Buhari work has started. Recruitment is over.

  17. Mewe

    June 22, 2015 at 11:35 am

    How can our deficit be more than our budget? Simple economics tells me deficit is part of budget. Our budget is about 4.4tn, how then can our deficit which makes up part of the budget be more than the budget? Maybe Joda used abacus for his calculations… APC get to work already, stop with all the propaganda. N7trn indeed

    • Sandi

      June 22, 2015 at 12:22 pm

      You are exactly correct, but people hear N7 trillion and don’t know what it’s about.

    • nnenne

      June 22, 2015 at 1:28 pm

      @Sandy.. Don’t know what it’s all about? Start with Boko Haram expenditure.

  18. mabel

    June 22, 2015 at 1:45 pm

    Fashola needs to be probed. Where did all the money go? In (Mason Disick’s voice). No impact in Lagos o. All these loans?? Uncle Fash nau how come? This is not palatable. There’s a mistake somewhere. The way we pay for everything in this Lagos, even to walk, breathe and see. So this OUR Lagos is the chair of onigbeses?

    • ShineShineShine

      June 22, 2015 at 2:50 pm

      Mabel, Mabel, Mabel, I was Hvn lunch when l read this ur comment. Pepper almost entered the wrong place Kiiikiiikiiii

  19. biols

    June 22, 2015 at 2:06 pm

    na al of you sabi…. my own is this man face looks like a wicked dictator…. kapish

  20. Strit Kredibility

    June 22, 2015 at 2:18 pm

    It is very obvious from some of the comments here that Wole Soyinka may not be wrong after all when he labelled this generation of youth a waste. Sweeping and as harsh as the statement might sound, it begins to have credence if social media commentary qualifies as its yardstick.. Nigeria is in deep trouble if these represents the mindset of people aspiring to lead one day. A generation that uses one wrong to rationalize and justify another wrong is a wasted one. I have never seen a people so set in a particular way that abnormality has become the new normal.
    The Stockholm’s syndrome is at work here were we’ll rather fall in love with the oppressor than acknowledge the liberator.

    For your information the past administration was a colossal failure, It was audible to the deaf and visible to the blind. Even the dead were alive to it. The malfeasance, sleaze, impunity, cash and carry, mindless, reprobate stealing under that administration is rivaled only to the locust years of Abacha. It was a sort of Babangida-lite government. Even the Shagari govt that was a representative govt as this last one and reportedly wasteful had nothing on this one. It was rudderless, there was no direction, it was chaotic, like amoeba shapeless, and full of soundbite and rhetoric of little worth.

    Watchers of that government could not believe when all the goodwill and healthy balance sheet it inherited was frittered away within a twinkle of an eye. Hope came crashing like a pack of cards, and desperation set in. The man at the helm was unqualified and aloof for that task, leadership was thrust on him on a platter, an example of Peter’s Principle which promotes someone beyond one’s level of competence. A good man but ineffective in his given task

    The so called professionals and technocrats that ministered to our collective patrimony made deceit a policy direction and grandstanding a framework. They were like Bikini, hiding the most important thing while giving us side views. Please dont make me go on and say what i have been trying not to find a reason to say since May 29.

    And for all those spewing rubbish about the chairman of the transition committee, you can never find any Nigerian living with more credibility, uprightness. and sincerity of purpose than Ahmed Joda. A man of the highest standard, one of Nigeria finest, well versed, time horned, lucid, competent, with years of impeccable civil service record. Please read the full interview before rushing to comment.


      June 22, 2015 at 3:40 pm

      What is this epistle for. enough already just tell your DD (Dundy of Daura) to get down to work and stop looking for excuses …

    • mrs C nwayioma,lol.

      June 22, 2015 at 3:45 pm

      @ Strit Kredibility, I quite agree. The way people rush to defend GEJ or say Fashola also did so n so is ridiculous. Two wrongs don’t make a right. Acknowledge the wrong so you can be guided when you want to move forward.

  21. concerned 9ja

    June 22, 2015 at 6:28 pm

    If the other 26 states were half as re-developed as Lagos and in debt….bet the indigenes would be well happy…
    GEJ and his cronies just stole nothing to show.
    Stockholm Syndrome in full effect!!……shameful lot…defending an atrocity that’s not defensible!!

    • Nuna

      June 23, 2015 at 12:01 am

      Developed ke? Please how many good roads, potable water or proper planning can Lagos boast of? I laugh in French. Water is there flooding your homes and you are talking of development. Maybe you should visit states like Akwa Ibom, Enugu or Cross River before talking. Smh

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