Okwe Obi, Abuja
The National Chairman, Action Democratic Party (ADP), Yagbaji Sani, has raised alarm over Nigeria’s rising debt profile, which currently stands at N25.7 trillion, expressing worry that the Federal Government still intends to borrow an additional $30 billion purportedly to fund development projects.
Sani said that another round of borrowing by government should be strongly resisted, saying that the President “has failed to present a concrete repayment package to the National Assembly.”
Addressing reporters Friday in Abuja, the former presidential candidate said, “the debt profile of the country has become very alarming since the coming of President Buhari to office in 2015.
“According to the Debt Management Office (DMO), Nigeria’s current foreign and domestic debts as of November 2019 have hit N25.7 trillion from N24.39 trillion.
“As alarming as this situation is,” Sani said, “the Buhari government is proposing to borrow an additional $30 billion dollars purportedly to fund development projects, even as he has failed to present a concrete repayment package to the National Assembly.
“The ADP wishes to express its ardent opposition to this attempt to plunge Nigeria further into debt by the Buhari government through excessive borrowing. Our fear is that the borrowed funds will be frittered away in wasteful spending that will not add any value to the nation and its people.”
The party chairman further added that the country’s economic and political challenges have overwhelmed the ruling All Progressive Congress (APC) led by the President, who, he said, has lost the initiative to change the disturbing narrative.
“The current government of the All Progressives Congress (APC) led by President Muhammadu Buhari appears to have lost the initiative despite its pretentions. Poor economy, insecurity and many other vices have ravaged Nigeria in the last four years.
“The problems seem to be increasing amid other emerging crises that appear to have overwhelmed the current government,” Sani stated.