Atiku raises alarm over Nigeria’s N25.6trn debt, cautions FG on borrowing

Atiku raises alarm over Nigeria’s N25.6trn debt, cautions FG on borrowing

- Former vice president Atiku Abubakar has raised alarm over Nigeria's N25.6trn debt, saying it is not sustainable

- Atiku says the increasing debt profile of the country is becoming more than a source of concern

- The ex-VP says the country cannot continue to borrow to pay salaries and support luxuries

The former vice president and presidential candidate of the Peoples Democratic Party (PDP) in the 2019 general elections, Atiku Abubakar, has raised alarm over Nigeria's N25.6trn debt, saying it is not sustainable.

According to the ex-VP, the increasing debt profile of the country is becoming more than a source of concern, The Nation reports.

Legit.ng gathers that Atiku made his position known in a statement on Wednesday, July 10, by his media adviser, Paul Ibe.

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The PDP chieftain recalled that the nation’s debt profile as of May 29, 2015 when President Muhammadu Buhari took over, was ₦12 trillion.

He said: “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.

“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.”

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Meanwhile, Legit.ng previously reported that Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP), stated his position on the Ruga settlement progamme proposed by the federal government.

According to him, his position is same as governors elected on the platform of the PDP.

Reacting to the threat by some northern groups to governors who were against Ruga settlement, Atiku said he would not dignify that threat with a response.

NAIJ.com (naija.ng) -> Legit.ng We have updated to serve you better

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Source: Legit.ng

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