Nigeria May Collapse Under Unsustainable Debt, Says Atiku Abubakar 

Abubakar

 

Presidential candidate of the Peoples Democratic Party and former Vice President,Alhaji Atiku Abubakar has said the increasing debt profile of 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, he said in a statement issued by his Media Adviser, Paul Ibe on Wednesday

He said: “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 he found 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.

“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 concluded.