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The People’s Democratic Party (PDP) yesterday decried the country’s rising debt profile from N12.12 trillion in 2015 to N24.38 trillion in 2018 under the President Muhammadu Buhari administration.
In a statement issued by its National Publicity Secretary, Kola Ologbondiyan, it noted that it was saddening and devastating that the present administration relies on heavy borrowings and unbearable tax regimes, which have crippled productivity, caused untold hardship and mortgaged the country’s economic future.
“Since President Buhari assumed office in 2015, there have 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 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 within one year,” the statement reads.
It stated that the Buhari administration has to explain to Nigerians how it has embarked on a borrowing spree, especially as it could not point to any meaningful development project for 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 All Progressives Congress (APC) 2019 general elections campaign activities, a huge part of which ended up in private pockets of corrupt party leaders,” it added.
The PDP, therefore, urged the National Assembly to investigate the borrowings by the Buhari administration, particularly the terms of borrowing and handling of the funds.
“The National Assembly should also save Nigeria’s future 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 funds.
“Nigerians cannot afford to continue to bear the 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 tribunal,” the statement added.