N24.38trn debt profile: PDP expresses worry, asks National Assembly to investigate

N24.38trn debt profile: PDP expresses worry, asks National Assembly to investigate

- The Peoples Democratic Party (PDP) wants the National Assembly to probe Nigeria's alleged rising debt profile

- The opposition party says the federal government has explanations to make concerning the rise in the country's debt profile

- The political party says the explanations are necessary because of the various allegations that part of the borrowed money may have been used for the 2019 elections

The Peoples Democratic Party (PDP) has called on the National Assembly to investigate Nigeria’s rising debt profile which the political organisation put at over N24.38 trillion.

The opposition party also expressed concern that the federal government under the All Progressives Congress (APC) had engaged in alleged unwholesome borrowings saying this is an escalation of the nation debt stock from N12.12 trillion in 2015.

In a statement obtained by Legit.ng, the PDP said it was saddening and devastating that the current administration relies on heavy borrowings and unbearable tax regimes.

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According to it, these two have crippled productivity, caused untold hardship and mortgaged the economic future of our nation.

The statement signed by Kola Ologbondiyan, the PDP said: “Since President Buhari assumed office in 2015, there have been a culture of unexplained borrowings leading to a steep rise in the debt stock from N17.5 trillion in 2016 to N21.72 trillion in 2017 and a huge N24.387 trillion in 2018.

“It is shocking and completely insupportable that our nation’s debt had risen from N21.72 trillion in December 2017, to N24.387 trillion in December 2018, showing an accumulation of a whopping N2.66 trillion in a space of one year."

It said the administration has a lot of explanations to make, especially with allegations in the public space that the borrowed funds, which were taken as development funds, were diverted to 2019 general elections campaign activities of the APC.

“This is in addition to direct frittering of public funds through the alleged N1.4 trillion sleazy oil subsidy regime, the looted N9 trillion detailed in the leaked NNPC memo, the alleged N33 billion fraud in the handling of funds meant for the welfare of Internally Displaced Persons (IDPs) in the north east, among other sleazes.

“The PDP therefore urges the National Assembly to commence a system-wide investigation into the borrowings by the Buhari administration, particularly the terms of the borrowing and the handling of the funds.

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“The National Assembly should also save the future of our nation by restricting the Buhari administration from taking further loans on behalf of our country until explanations are provided on the terms and handling of the borrowed funds,” the PDP said in the statement.

Legit.ng earlier reported that there was a rowdy session at the Senate on Wednesday, March 13, as senators argued over the rising nation's debt which, according to Senator Dino Melaye, is currently at $60 billion.

The debate started after Senate leader Ahmed Lawan (APC Yobe North) spoke on the budget estimates for passage for second reading.

Meanwhile, the House of Representatives recently commenced investigation into Nigeria’s alarming debt profile sequel to the adoption of a motion by lawmaker, Yusuf Tajudeen, who raised concern over the issue.

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Source: Legit

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