Senator Adeola Blames Nigeria’s Debt Burden on Past Administrations

Senator Adeola Blames Nigeria’s Debt Burden on Past Administrations

  • The blame game of All Progressives Congress (APC) chieftains is clearly not going away anytime soon
  • Senator Solomon Olamilekan Adeola, an APC senator from Lagos state also known as 'Yayi' has joined the fray
  • Adeola who oversees the upper chamber's committee on finance stated that Nigeria's debt burden should be blamed on past governments

FCT, Abuja - The chairman of the Senate committee on finance, Senator Solomon Olamilekan Adeola has alleged that a huge part of Nigeria’s total debt stock estimated at N33 trillion was incurred by past administrations dating back to the military era.

Adeola said this on Wednesday, September 22 during consideration of the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.

Senator Solomon Olamilekan
Senator Adeola says past administrations played a major role in Nigeria's debt burden. Photo credit: Nigerian Senate
Source: Facebook

ThisDay newspaper quoted him as saying:

“It is an accumulated loan, it is not a loan that says that it is the current administration of President Buhari that has borrowed.

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“It is a loan that has been borrowed by the previous administration – the Obasanjo, the Jonathan, the Yar’Adua of this world.”

Meanwhile, the Atiku Abubakar’s Support Organisation has described the recent move by the Buhari administration to get a fresh loan as “reckless.”

The group said this in a press statement seen by on Monday, September 20 asking the National Assembly to reject the president’s fresh request.

Buhari continues borrowing spree despite criticisms

President Buhari recently sought the approval of the Nigerian Senate for a fresh loan of $4,054,476,863.00, €710 million, and a grant of $125 million.

Buhari in a letter to the Senate president, Ahmad Lawan, explained that the loan sought is to finance critical projects in the 2021 budget.

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The president’s request was read by Lawan, during plenary after the resumption of the upper legislative chamber from its annual vacation on Tuesday, September 14.

Lawan defends Buhari's borrowing spree

Lawan had earlier justified Nigeria's rising external debt profile under the Buhari-led administration.

While dismissing comments by lawmakers over the wave of borrowing, Lawan maintained that nothing could be done to halt the rising external debt profile.

He went on to blame past administrations for lack of foresight to provide for the rainy day, adding that Nigeria's options are limited.


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