10 July 2019

Nigeria: Atiku Decries Nigeria's Debt Profile

Photo: Pixabay

The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has decried the "unsustainable debt" Nigeria has acquired under the President Muhammadu Buhari-led administration.

In a statement by his Media Adviser, Paul Ibe, on Wednesday, Mr Abubakar called for urgent redress of the debt situation before it totally submerges Nigeria's economic well-being.

Mr Abubakar acknowledged that the PDP-led administrations before 2015 left a national debt profile of #12 trillion but noted that the debt doubled during the first tenure of Mr Buhari and has been on the increase now.

"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," he said.

Mr Abubakar said some of the projects that ramped up the debt, "such as Trademoni, were politically engineered to win people's votes in the just concluded Presidential election and were "discontinued after the election."

"We find 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," he said.

Mr Abubakar called on Nigerians to caution the APC-led administration against unsustainable debt.

"We cannot continue to borrow to pay salaries and support luxuries. Already, over 50 per cent of our revenue is going towards debt servicing, not even debt repayments," he said.

Mr Abubakar joins a growing list of entities that have raised concerns about Nigeria's increasing debt. Others who have raised similar concerns include the IMF and the United Nations.

The Nigerian government has, however, repeatedly said the debt increase was not necessarily bad as it was being used for core infrastructure projects. The government also said Nigeria's debt to GDP ratio was not higher than usual in international circles.

More on This

Nigeria's Total Debt Stock Rises to N24.9 Trillion in First Quarter of 2019

Nigeria's total public debt rose to N24.947 trillion as at March 31, from N24.387 trillion as at December 31, 2018,… Read more »

See What Everyone is Watching

More From: Premium Times

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.