The Labour Party (LP) has accused the All Progressives Congress for ruining the country through reckless spending and mismanagement of the economy.
The party, therefore, called on those in government to resign their appointments and also charged those contesting elections to recuse from the exercise so that Nigeria would not go into extinction.
The LP said it made this call because of the deliberate infractions, divisiveness wickedness and lawlessness perpetrated by the government of the (APC).
A statement Sunday by the National Publicity Secretary, Comrade Arabambi Abayomi, the party said, “Its an undisputed fact that in the first four months of the year 2022 by the Buhari government’s revelation through the Budget and Planning Ministry, they admitted that the cost of debt servicing by the same stealing government has surpassed its revenue in the four months under review.
“In view of this deliberate infractions, divisiveness wickedness and lawlessness, Labour Party here by call for the immediate withdrawal of all APC candidates from the 2023 general election so that Nigeria will not go into final extinction.”
“Remarkably, the clueless and confused APC government spent a total of N4.2 trillion between January and April 2022 from the earmarked N17.32trillion for the whole year.
“In these same four months, a sum of N285bn was earned as oil revenue, this represents a shortfall of 60.9% of the prorated figure of N730.12bn, this is even in spite of the marked rally in crude oil prices in these four months when the government unabashedly retarded APC government casually mentioned that oil production declined to let the oil revenue fall short of projection.
“It sounds very irritating, painful and annoying to keep hearing this dying and failed APC government repeatedly claiming that the untenable, questionable & unverifiable oil subsidy deductions was responsible with the twin criminal excuse of the inability to increase oil production was responsible for failure at meeting the projected target of revenue growth in the four months.
“The dishonest and lying APC probably forgot that in 2021 it spent N4.22 trillion on debt servicing which was an increase of 29.3% over over the sum of N3.27 trillion spent for the same purpose in 2020 while the revenue only increased by a marginal 9.3 % to N4.39 trillion revenue and in the last 16months APC led Buhari administration has spent a whooping sum of N6.16 trillion.
“The Director-General of the Debt Management Office (DMO), Mrs. Patience Oniha confirmed that Nigeria’s total public debt stock representing domestic and external debt stock profile as at March, 2022 stood at N41.60 trillion and N42.84TRN ($103.31billion as at June 30,2022, dividing that by 200 million Nigerians including 50million yet unborn totalling 250m population explicitly confirmed that every Nigerians as at June 30th 2022 is indebted to the tune of N170,000 naira each.
“Meanwhile, it is worth putting on record that though the LP presidential candidate, the irrepressible and vibrant Obi Peter has for a long while been submitting at many forums that the government’s borrowing must be at statutory 5% of the previous year’s revenue but the highly clueless and grossly incompetent APC confused and rudderless Government at every juncture ignored the wise counsel of the erudite and vibrant Peter Obi.
“It is necessary at this juncture for Nigerians to immediately join the cry for the demand for the resignation of the APC from the seat of government now that it is not in doubt that it has finally ruined a substantial part of the future of Nigeria with its avoidable act of running the country into insolvency.
“The growing cluelessness of the APC in it’s incompetent management of the country’s economy is easily observed from the silly and unending oil subsidy deductions choreographed calculated scam.
“One can simply ask how much it cost Dangote to establish the about to begin operation oil refinery was built at a cost of $15billion.
“The Pacific Refinery in Ecuador cost $12bn with a capacity to refine 500,000 barrels per day (bpd).”
“Al Zour Refinery in Kwait was built at a cost of $16bn with a production capacity of 615 ,000 barrels per day.
“Compare the foregoing against Nigeria with two/three refineries and a refining average capacity of 1.2 million of crude oil per day, how comfortable are you fellow citizens?
“Do you still think if Nigeria is under the rule and government of a competent and capable party like the LP that is recognized for its proven commitment and brilliant capacity, this our over abused nation will have any business importing fuel with the hidden agenda of blind stealing from the proceeds of oil in the name of subsidy?
“Presently, this same thieves in governance, APC are yet proposing #6.7 trillion to fund the carefully hidden agenda called subsidy
“At exchange the $6.7 trillion is equivalent to $15.6 bn This is against the 2023 Budget. However what will blow your mind is that the government is planning to yet borrow #11 trillion to support the 2023 Budget expenses.
“Fellow citizens, the painful truth is that #11 trillion can build from scratch 2 good refineries for the country.
“Unless we , the being wickedly mortgaged Nigerians as a collective pull resources and worth together to influence a change quickly in the political leadership of the Country , it won’t be long when Nigeria will be turned into an extinct nation by the APC.”
