The Peoples Democratic Party, PDP, Governors Forum has condemned the current debt profile of the country put at N36 trillion incurred by the All Progressives Congress, APC-led Federal Government.

The forum expressed worry that the Federal Government is gradually plunging Nigeria into bankruptcy with excessive borrowings on frivolous items, adding that over 80% of the normal appropriation is being spent on debt servicing.

In a communique issued after a meeting of the Forum yesterday in Uyo, Akwa Ibom State, the governors also accused the Nigeria National Petroleum Corporation, NNPC, and other revenue-generating agencies of the Federal Government of lack of transparency and accountability in the declaration of revenue proceeds.

The communique read by Chairman of the Forum and governor of Sokoto State, Aminu T[b]ambuwal, complained that the lack of financial transparency by NNPC and other agencies has robbed state and local governments of the needed funds to provide employment and develop their territories.
[/b]
The communique read: “PDP governors frown at the rising and seemingly uncontrollable debt profile of Nigeria with over 80 per cent of normal appropriation spent on debt servicing.

“All the gains of the PDP Government under Chief Olusegun Obasanjo, GCFR, where Nigeria exited its foreign debt obligations has been destroyed.

“Borrowing for frivolous items such as funding the Nigerian Television Authority is scandalous. Money should only be borrowed for productive purposes as Nigeria’s current debt of over N36 Trillion Naira is becoming clearly unsustainable relative to our earnings and GDP.

“We should not saddle incoming generations with the undue debt burden. The borrowing spree of the APC administration, if unchecked, will certainly lead Nigeria into avoidable bankruptcy.”

According to the communique, the Forum examined operations of the Nigeria National Petroleum Corporation, NNPC, and expressed alarm at the opaque manner it carries out its operations.

“It decried the recent NNPC decision not to make its statutory contributions to the Federation Account, thereby starving states and local governments and indeed Nigerians of funds needed for employment, development and general well-being.

“The meeting emphasised that under the Constitution, the NNPC is duty-bound to make proceeds of sale or business of Petroleum available to the Federation Account which belongs to the three tiers of government, excluding reasonable and verified and verifiable cost of operations.

“The Federal Government through NNPC is a manager of our oil wealth, merely as A TRUSTEE for all Nigerians. The meeting frowned at a situation where the NNPC decides in a totally discretionary and often whimsical manner, how much to spend, how to spend it and how much to remit to the Federation Account, contrary to the letters and even the spirit of the 1999 Constitution.

“The meeting called on other agencies of Government such as Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency, NIMASA, Nigerian Communications Commission, NCC, Federal Inland Revenue Services, Customs and Excise and similar organisations that are statutorily required to make contributions into the Federation Account, to do more.

“The federating states should go forward now have a say in the determination of operating costs to ensure transparency and accountability.”

The PDP Governors also expressed deep concerns about the operational system and methods of the Central Bank of Nigeria (CBN).

“It viewed with regrets that the CBN is operating as an independent government within a government, which is a perversion of the autonomy of the bank.

“A situation where CBN creates money, decides how much of it to spend, on what to spend it on without any form of controls or supervision is patently subversive of our constitutional order.”

The governors reiterated the call for a review of the revenue allocation formula and urged the Revenue Mobilization, Allocation and Fiscal Commission to “urgently send the revised Revenue Allocation Formula to Mr President for onward transmission to the National Assembly for enactment, such that more resources are made available to States and Local Governments where ordinary Nigerians reside.”

The meeting was attended by Aminu Waziri Tambuwal of Sokoto State(Chairman), Okezie Ikpeazu of Abia, Udom Emmanuel of Akwa Ibom, Senator Douye Diri( Bayelsa), Samuel Ortom(Benue), Dr Ifeanyi Okowa(Delta), Ifeanyi Ugwuanyi (Enugu), Nyesom Wike (Rivers), Oluseyi Makinde (Oyo), Ahmadu Umaru Fintiri (Adamawa), Godwin Obaseki (Edo), Bala Mohammed (Bauchi), Arc Darius Ishaku (Taraba) and Deputy Governor Mahdi Mohd of Zamfara State.

source: https://newstrack.oak.tv/pdp-governors-raise-alarm-over-excessive-borrowings-by-the-nigerian-govt/

The former borrowers who are still the current borrowers attacking their co-borrowers

PDP is the weakest opposition party in Nigeria

Reason is clear

They messed up a lot and the stench of their F ups is massive

However, Since they have seen that Buhari and Lawan have perfected plans to enslave the future genrations

They should also stop borrowing in their states by passing a state law against that

Then, maybe i will take them serious

As for APC, they are the forerunners of autocratic dictatorial kakistocracy in Nigeria

The worst party to ever be in power since 1960

Q

Like I said in a previous thread,

socialmediaman:
Buhari is like the seller who quarrels with good paying customers regularly because of ego, and plays nice to creditors so he can continue to borrow money to keep his business afloat. He’s a very bad leader and also a bad businessman.

Here’s why:
Nigeria makes only $100 million from the internet annually. South Africa, by comparison, makes $650 million annually, and their population is just about 1/3 of Nigeria’s population. This shows you there is so much potential on the internet for more revenue. Instead of enhancing this potential, he’s more interested in going on a social media war and regulating free speech. Then he goes borrowing from China to fund infrastructure projects.

Thief

contigiency:
At least for the first time in this country loans are sourced and tied to projects and those projects are being carried out. Not when some people were borrowing to pay salaries.

Nothing more to be added.
God bless you.
END OF THREAD!!!

Ex-President Jonathan met FX+ECA at $62 billion+. He DEPLETED it to less than $30 Billion in 5 years Jonathan sold crude oil for 5 years at an average of $100 per barrel of 2.2 million daily (2010-2014).
Did he add a DIME to Nigeria purse in 5 years? NO.

Buhari, sold oil at an average of $50 of less than 700,000 barrel at some points because of militancy, yet had moved that FX to $47 Billion in 3 years.

Don’t say how much did he borrow if you don’t even have the figure borrowed between 2010-2015 without adding a dime to FX.

Jide Omokore, Aluko and oil goddess Alinson made an oil deal of N1 trillion and chose not to remit to Nigeria under GEJ.
Did any child of hate, AKA Criminals and fraudsters raised eyebrow?

INTEL of Ex-Vice President Atiku refused to remit to Nigeria Ports Authority (NPA), not until last year that “ordinary” Hadiza the NPA boss challenged INTEL and insisted the funds must be remitted.

A Christian Professor had been leading JAMB all through Obasanjo to Jonathan yet for 40 years of JAMB; only N52 Million was remitted to FG.

A Muslim Professor who was appointed just in two years of handling JAMB remitted over N15 Billion. FIFTEEN BILLION..
So who is following after righteousness?

God punish enemies of this country who want her to continue to be raped, front and back by rapist looters.

juseng:
PDP should keep their observations to themselves
Or better still implement their ideas when they posibly get to power.

PDP in Nigeria again?

sapientia:
The former borrowers who are still the current borrowers attacking their co-borrowers

PDP is the weakest opposition party in Nigeria

Reason is clear

They messed up a lot and the stench of their F ups is massive

However, Since they have seen that Buhari and Lawan have perfected plans to enslave the future genrations

They should also stop borrowing in their states by passing a state law against that

Then, maybe i will take them serious

As for APC, they are the forerunners of autocratic dictatorial kakistocracy in Nigeria

The worst party to ever be in power since 1960

This your comment get as he be they one place make we no how we wan use take read am blast u

Okay

Smh. Lol, Because they have few money to share . The day they would accept that Nigeria is divided, most of the youths waiting for their leaders to speak up will be dead.
Make una find una way commot for this country.. All this ones that call their self leaders aren't ready to tackle any problem affecting the masses until it affect them.

meritadavize1:
Thief

wey is the loots buhari recovered? Wey is ibori loot that UK government returned? Where is the loans buhari borrowed from China? I guess buhari is a saint

make them ring bell join

https://www.youtube.com/watch?v=sTP09cuJ9gA

Why are they wailing. The reason is obvious. We are in the last lap so everyone is operating with a sense of urgency.

Buhari is deaf and dumb.
He doesn't care about how much debt he accumulates.
He borrows and loots the borrowed money for generations unborn to be in slavery to China
He is a heartless blood thirsty creature
It doesn't bother him at all

Make all of una get out

igbowoman:
Buhari is deaf

.
Dat dem MANNA posts still dey pain u for ears o. Better slaps dat enter wells .

PDP , Foolish party of thieves and looters sef dey talk. Yeye opposition party. oles, thieves, barawos party

Kettle calling pot black..

Okay

Na wa

PDP should keep their observations to themselves
Or better still implement their ideas when they posibly get to power.

sapientia:
The former borrowers who are still the current borrowers attacking their co-borrowers

PDP is the weakest opposition party in Nigeria

Reason is clear

They messed up a lot and the stench of their F ups is massive

However, Since they have seen that Buhari and Lawan have perfected plans to enslave the future genrations

They should also stop borrowing in their states by passing a state law against that

Then, maybe i will take them serious

As for APC, they are the forerunners of autocratic dictatorial kakistocracy in Nigeria

The worst party to ever be in power since 1960

Good luck left Nigeria with 9billion dollars worth of debt, buhari has borrowed 29billion dollars already

juseng:
PDP should keep their observations to themselves
Or better still implement their ideas when they posibly get to power.

the problem is that APC is doing worse than PDP how can a so called government borrow 29billion dollars in Six years and yet nothing to show for it the buhari is more corrupt than Jonathan

They wanna impoverish Nigeria. They'll loot as much as possible and then secede

Didn't they borrow money before