Nigerians deserve explanation on N24trn debt – PDP tells Buhari

Nigerians deserve explanation on N24trn debt – PDP tells Buhari

The Peoples Democratic Party (PDP) has said that Nigerians deserve an explanation by the President Muhammadu Buhari-led administration on its reason f

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The Peoples Democratic Party (PDP) has said that Nigerians deserve an explanation by the President Muhammadu Buhari-led administration on its reason for going on a  borrowing spree which has increased the country’s debt to N24.387 trillion in 2018.

In a statement issued by Kola Ologbondiyan, national publicity secretary of the PDP, it said between 2015 and 2018, Nigeria’s debt stock increased from N12.12 trillion to N24.387 trillion. According to him, the Buhari’s administration has taken on a culture of unexplained borrowing without anything to show for it in terms of development projects across the country. The party also claimed that some of the money borrowed was used to fund the campaign of the All Progressives Congress (APC) in the wake of the 2019 general election.

“The 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 election 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. 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 said.

The party urged the national assembly to probe the increase in debt stock while also limiting government’s ability to take loans at will.