Jimoh Ibrahim, the Senator-elect representing Ondo South says it’s possible for Nigeria to pay back its ₦77 trillion debts in 90 days.
The billionaire businessman said Nigeria’s current debt profile should not be a source of worry for President Bola Ahmed Tinubu because he can give him a strategy that’ll help him pay the debts.
Ibrahim said this while speaking on Channels TV Politics Today on Tuesday, June 6, 2023.
He said, “I can give you a strategy that will help pay back all of Nigeria’s debt in 90 days. Our current debt shouldn’t be a big problem or source of worry for President Bola Tinubu. What is the debt ratio to the GDP of a country? Nigeria’s is currently around 31 per cent, which means we have a window of about 70 per cent to borrow more money.
“Nigeria is wasting its time not borrowing more money. Dubai is owning $167bn and has a population of 12 million and 3 million indigenous people and they borrowed $167bn. They developed a plan to boost their infrastructure facilities and today everything is fine in Dubai whilst paying their debts back with ease.”
Breaking down his debt repayment strategy, the businessman explained that a loan of $100bn from five EXIM bank consortiums with a repayment plan for 40 years and a ten-year moratorium will make the country free of debts.
He added that the current revenue problem won’t affect the repayment of the $100bn loan.
“What you need to do is call together about five EXIM banks including China’s, and take a loan of about five times what we are owing currently. Do a bridge gap financing and then pay off what you owe and have a surplus. Prepare a re-payment program for 40 years and then have an honorarium period of ten years and you are out of the debt. With these, you can negotiate with the creditor for a 30 percent discount.
Watch the video below;
Businessman Jimoh Ibrahim reveals a strategy for Nigeria to pay back its debts in 90 days. #CTVTweets#PoliticsToday pic.twitter.com/fKALrzHBvh
— Channels Television (@channelstv) June 6, 2023
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