The presidential candidate of the Peoples Democratic Party (PDP) in the 2019 general election, Atiku Abubakar has raised an alarm over the country’s huge debt profile under the administration of president Muhammadu Buhari.
The former Vice President in a statement issued by his media team on Wednesday said irresponsible borrowing by the Buhari administration has shot the debt burden from ₦12 trillion he met it in 2015 to ₦24.3 trillion as at December 2018.
“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” he said.
Atiku said about 50% of the country’s revenue goes towards the servicing of the debts describing the situation as unacceptable.
“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.
“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” he added.