PDP Queries FG, Buhari Presidency Over N24.38tr Debt Profile


…Demands NASS Investigation

The Peoples Democratic Party (PDP) queries the All Progressives Congress
(APC)-led Federal Government and the Buhari Presidency over alleged
unwholesome borrowings leading to the escalation of the nation debt
stock from N12.12 trillion in 2015 to an overburdening N24.38 trillion
in 2018.

The party describes as saddening and devastating that President
Muhammadu Buhari’s administration, in its manifest incompetence and lack
of initiative to stimulate and run a productive economy, relies on heavy
borrowings and unbearable tax regimes, which have crippled productivity,
caused untold hardship and mortgaged the economic future of our nation.

Since President Buhari assumed office in 2015, there has been a culture
of unexplained borrowings leading to a steep rise in the debt stock from
N17.5 trillion in 2016 to N21.72 trillion in 2017 and a huge N24.387
trillion in 2018.

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It is shocking and completely insupportable that our nation’s debt had
risen from N21.72 trillion in December 2017 to N24.387 trillion in
December 2018, showing an accumulation of a whopping N2.66 trillion in a
space of one year.

President Muhammadu Buhari-led administration therefore has a huge
explanation to make to Nigerians for its borrowing spree, especially as
it cannot point to any meaningful development project into which the
borrowed funds were invested.

This is particularly against the backdrop of allegations in the public
space that the borrowed funds, which were taken as development funds,
were diverted to 2019 general elections campaign activities of the APC,
a huge part of which ended in private pockets of corrupt APC leaders.

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This is in addition to direct frittering of public funds through the
alleged N1.4 trillion sleazy oil subsidy regime, the looted N9 trillion
detailed in the leaked NNPC memo, the alleged N33 billion fraud in the
handling of funds meant for the welfare of Internally Displaced Persons
(IDPs) in the North East, among other sleazes.

The PDP therefore urges the National Assembly to commence a system-wide
investigation into the borrowings by the Buhari administration,
particularly the terms of the borrowing and the handling of the funds.

The National Assembly should also save the future of our nation by
restricting the Buhari administration from taking further loans on
behalf of our country until explanations are provided on the terms and
handling of the borrowed funds.

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Nigerians cannot afford to continue to bear burden of an incompetent and
insensitive administration and that is why they eagerly await the
retrieval of our stolen mandate at the Presidential election petition

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