Earlier today, the credit
ratings agency Moody's noted that China's total
debt has climbed to 280 % of gross domestic product, including China's state - owned company liabilities that totalled 115 % of GDP at the end of
last year.
Already Buhari has started giving excuses for the abysmal performance.He attributed the quagmire to drop in the price of oil globally and cleverly laid the blame on the doorsteps of all Nigerian accusing them of relying solely on oil.All renowned
rating agencies including fitch continue to downgrade Nigeria ever since Buhari took over and it is projected that Nigeria will not be able to repay its
debt obligations.Fitch for instance downgraded Nigeria's longterm foreign currency issuer default
rating to B + from BB - and longterm local currency IDR to BB - from BB.The general position expressed by almost all the Briton wood institutions is that Nigeria's fiscal and external vulnerability has worsened under Buhari and it is projected that the government's general fiscal deficit could grow up to 4.2 % by the end of 2016 after averaging 1.5 % under the previous regime.A recent capital importation report by Nigeria Bureau of Statistics confirms that,
last year, the country recorded total inflow of capital into the economy stood at $ 9.6 billion which was a 53 % drop from previous year and the lowest recorded total since 2011.
A free fire zone for hedge funds and shorts to take out life insurance on investment banks, then short them in classical bear raids until their stock drop and rising CDS
rates caused
rating agencies to downgrade their
debt, then the run on the bank begins and they have no lender of
last resort and the implosion is guaranteed.