- Former vice president of Nigeria, Atiku Abubakar, laments the rising debt profile of the country now put at N24.9 trillion
- Atiku, a presidential candidate of the Peoples Democratic Party (PDP) in the 2019 general elections, warns against leaving huge debt profile for future generations
- The politician recalls how the administration of Olusegun Obasanjo, which he served as vice president, cleared Nigeria's debt in 2006
Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP) in the 2019 general elections, on Friday, July 12, lamented Nigeria’s rising debt profile.
In a statement obtained by Legit.ng, Atiku warned the country against leaving huge debt profile for future generations instead of handing over prosperity to them.
In his reaction to the recent announcement by the Debt Management Office (DMO) that Nigeria now owes N24.9 trillion, the former vice president warned that irresponsible borrowing leads to unprecedented sorrowing.
“Nigeria's debt has more than doubled from ₦12 trillion in 2015, to ₦24.9 trillion in 2019, yet we became the world headquarters for extreme poverty. Irresponsible borrowing results in unprecedented sorrowing.
“We mustn’t saddle future generations with debt instead of prosperity,” Atiku said.
Atiku recalled that as head of the National Economic Council (NEC) in 2006, under the leadership of Obasanjo, the administration paid off Nigeria's entire debt.
“It thus breaks my heart to see that after that sacrifice, Nigeria in the last four years returned to being a heavily indebted extremely poor nation.
“Without the checks and balances occasioned by a truly independent and self-accounting legislature and judiciary, as co-equal and non-subordinate arms of government, we will continue to have a profligate executive that borrows to sustain its greed and not the nation's need,” Atiku said.
He lamented that with the way the situation is, every man, woman and child in Nigeria is currently not only poorer than he or she was in 2015, "we all individually owe more than twice what we did in 2015. We may not have participated in the profligate borrowing, but we all suffer the resultant sorrowing.”
Legit.ng earlier reported how Atiku Abubakar had warned that the country's debt profile was no longer sustainable.
According to him, the increasing debt profile of the country has become a cause for concern.
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