According to the department management office Nigeria (DMO), statistics have shown a drastic increase in the exchange rate and borrowing trend that occurred in different administration of government from 1999_2021. Such unprecedented situation with several objective base on their political aims and vision is still rhetorical
From the year 1999_2007 under the administration of the former president”Olusegun Obasanjo” the total amount accumilated in order to facilitate and achieve its priority sumed up to 2.42 trillion naira, with an exchange rate of #116.8 naira to a dollar statistically it rose up to over 20%
After a change in government, the former president “Musa Yar’adua” and “Jonathan” administration a total amount of #6.17 trillion naira was borrowed, constituting it reasons to aid the supposed budget during their administration from 2007_2011 respectively, whole the excahnge rate of naira to dollar increase to #156.7 naira to a dollar.
Despite the inflationary rise in price of the goods and services, the government of the former president “Goodluck Jonathan”,worked toward tackling such issues, unfortunately the price of dollar to naira at the excahnge rate was #196.95 naira, while in the other hand the sume of #12.12 trillion naira was borrowed to complete the government.
Presently, president “Muhammadu Buhari(GCFR), doubled the amount to #26.91 trillion naira, leading to a drastic decrease in naira and its value at the worlds exchang market resulting to #381.0 naira to a dollar
The fix rates of naira to dollar (#=$) as at the following years are. From 1999-2007 the price of dollar to naira was #116.8, from 2007-2011 it raised to #156.7, increment was made in the year 2007-2011 from #116.8-#195.95 and from 2015-2021 it raised to #381.0.
