Nigeria incurs N560b debit in 3 months – Atiku

July 11th, 2019

*Says Nigeria witnessing unprecedented borrowing amidst unimaginable sorrowing

By Myke Uzendu, Abuja

Former Vice President, Atiku Abubakar has raised alarm over and unprecedented rise in the nations debt from N12 trillion in 2015 to N24.3 trillion in 2018 saying that Nigeria witnessing unprecedented borrowing amidst unimaginable sorrowing.

Atiku said that what is most worrisome is that the country incurred N560 billion between December 2018 and March 2019 which was the election period, insinuating that money may have been diverted by officials of government in the name of Tradermoni and other election gimmicks that were discontinued after the election.

The Debt Management Office had on Wednesday released a report that the nations debt profile has hit an alarming height of N24.3 trillion.

The Waziri Adamawa, in a statement on Wednesday signed by his media adviser, Paul Ibe accused the government of irresponsible borrowing while the citizens wallow in abject poverty. He added that the country is on the verge of collapse as the nations debt profile has become unsustainable

According to Atiku, “On May 29, 2015, our national debt profile was at a very healthy ₦12 trillion. However, after four years of profligate spending, and even more irresponsible borrowing, our national debt doubled to ₦24.3 trillion by December, 2018.

“As alarming as this is, what is more troubling is that between December 2018 and March 2019, the administration of General Buhari added an additional and unprecedented ₦560 billion debt to our national debt profile”.

Atiku was full of regrets that what the present government achieved was a multiplication of the country’s debt in four yours without any credible achievement alleging that most of the debt were fretted away during the election period.

“If you take those dates into account, they fall on the period of electioneering, when monies were freely distributed by officials of this government in the name of Tradermoni and other election gimmicks that were discontinued after the election.

“We find it inconceivable that Nigeria could have had such unprecedented borrowings in the midst of almost unimaginable sorrowing, which resulted in our nation becoming the world headquarters for extreme poverty and the global capital of out of school children, even as we slipped in the Corruption Perception Index of Transparency International” Atiku alleged.

He recalled how the National Economic Council he headed paid off Nigeria’s entire debt under the visionary leadership of President Olusegun Obasanjo, Atiku Abubakar, calling on “those who are turning Nigeria into a beggar nation to halt the drift into unsustainable borrowing.

“We cannot continue to borrow to pay salaries and support luxuries. Already, over 50% of our revenue is going towards debt servicing, not even debt repayments.

“We raise this alarm as responsible citizens and call on other lovers of Nigeria to speak up as we have no other nation to call our home, but Nigeria”.

Similar Post You May Like read more
Just In read more