Nigeria’s increasing debt profile source of concern – Atiku

The Peoples Democratic Party (PDP) presidential candidate in the February 23rd presidential poll, former Vice President Atiku Abubakar, has lamented Nigeria’s increasing debt profile, saying it is a source of serious concern. 

Atiku, who is challenging the declaration of the victory of President Muhammadu Buhari at the election tribunal, was reacting to the Debt Management Office (DMO) hint that the total debt incurred by Nigeria has soared to N24.947 trillion (US$ 81.274 billion) as of March 31, 2019.

In a statement issued by his Media Adviser, Paul Ibe, Atiku said “the increasing debt profile of our dear nation, Nigeria, is becoming more than a source of concern. The situation is now at the stage where all genuine lovers of Nigeria ought to raise an alarm. 

“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.

“What could this junta have needed that amount for? 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. 

“As someone who headed the National Economic Council that paid off Nigeria’s entire debt under the visionary leadership of President Olusegun Obasanjo, Atiku Abubakar has the moral authority to call those who are turning Nigeria into a beggar nation to halt the drift into unsustainable borrowing”. 

The Waziri Adamawa also cautioned saying Nigeria cannot continue to borrow to pay salaries and support luxuries. “Already, over 50 percent of our revenue is going towards debt servicing, not even debt repayments”. 

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