Home News Nigeria’s Debt Rises To N24.38tr, PDP Demands NASS Probe
Apparently worried by the rise of the nation’s debt stock from N12.12 trillion in 2015 to N24.38 trillion in 2018, the Peoples’ Democratic Party, PDP, has queried the All Progressives Congress, APC-led Federal Government and the Buhari Presidency over alleged unwholesome borrowings resulting to the rise.
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.”
The opposition party which stated this in a statement on Monday by its national publicity secretary, Kola Ologbondiyan, then called on 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.
“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.
“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.
“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,” the statement read.