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

Posted by on April 9, 2019>

Press Statement

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

The celebration 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 economic system, depends on heavy borrowings and insufferable tax regimes, which have crippled productiveness, brought on untold hardship and mortgaged the financial way forward for our nation.

Since President Buhari assumed workplace in 2015, there have been a tradition of unexplained borrowings resulting in a steep rise within the debt inventory from N17.5 trillion in 2016 to N21.72 trillion in 2017 and an enormous N24.387 trillion in 2018.

It is stunning and utterly intolerable that our nation’s debt had risen from N21.72 trillion in December 2017 to N24.387 trillion in December 2018, exhibiting an accumulation of a whopping N2.66 trillion in an area of 1 year.

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President Muhammadu Buhari-led administration subsequently has an enormous rationalization to make to Nigerians for its borrowing spree, particularly because it can’t level to any significant improvement mission into which the borrowed funds had been invested.

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This is especially in opposition to the backdrop of allegations within the public area that the borrowed funds, which had been taken as improvement funds, had been diverted to 2019 basic elections marketing campaign actions of the APC, an enormous a part of which led to personal pockets of corrupt APC leaders.

This is along with direct frittering of public funds by means of the alleged N1.four trillion sleazy oil subsidy regime, the looted N9 trillion detailed within the leaked NNPC memo, the alleged N33 billion fraud within the dealing with of funds meant for the welfare of Internally Displaced Persons (IDPs) within the North East, amongst different sleazes.

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The PDP subsequently urges the National Assembly to start a system-wide investigation into the borrowings by the Buhari administration, significantly the phrases of the borrowing and the dealing with of the funds.

The National Assembly also needs to save the way forward for our nation by limiting the Buhari administration from taking additional loans on behalf of our nation till explanations are supplied on the phrases and dealing with of the borrowed funds.

Nigerians can’t afford to proceed to bear burden of an incompetent and insensitive administration and that’s the reason they eagerly await the retrieval of our stolen mandate on the Presidential election petition tribunal.


Kola Ologbondiyan
National Publicity Secretary

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