The Peoples Democratic Party (PDP) has queried the All Progressives Congress (APC)-led federal government and the presidency over alleged ‘unwholesome borrowings’ leading to the escalation of the nation debt stock from N12.12 trillion in 2015 to an overburdening N24.38 trillion in 2018.

The main opposition party has called on the National Assembly to commence a system-wide investigation into the borrowings by the present administration, particularly the terms of the borrowing and the handling of the funds.


The party in a statement yesterday by its National Publicity Secretary, Mr. Kola Ologbondiyan, described as “saddening and devastating” that President Muhammadu Buhari administration, in its manifest incompetence and lack of initiative to stimulate and run a productive economy, relies on heavy borrowings and unbearable tax regimes, which have crippled productivity, caused untold hardship and mortgaged the economic future of the nation.

He added that the Buhari-led administration therefore has a huge explanation to make to Nigerians for its borrowing spree, especially as it cannot point to any meaningful development project into which the borrowed funds were invested.

Ologbondiyan noted that this was particularly against the backdrop of allegations in the public space that the borrowed funds, which were taken as development funds, were diverted to 2019 general election campaign activities of the APC, a huge part of which ended in private pockets of corrupt APC leaders.

He stated: “Since President Buhari assumed office in 2015, there has been a culture of unexplained borrowings leading to a steep rise in the debt stock from N17.5 trillion in 2016 to N21.72 trillion in 2017 and a huge N24.387 trillion in 2018.

“It is shocking and completely insupportable that our nation’s debt had risen from N21.72 trillion in December 2017 to N24.387 trillion in December 2018, showing an accumulation of a whopping N2.66 trillion in a space of one year.

“This is in addition to direct frittering of public funds through the alleged N1.4 trillion sleazy oil subsidy regime, the looted N9 trillion detailed in the leaked NNPC memo, the alleged N33 billion fraud in the handling of funds meant for the welfare of Internally Displaced Persons (IDPs) in the North East, among other sleazes.

“The National Assembly should also save the future of our nation by restricting the Buhari administration from taking further loans on behalf of our country until explanations are provided on the terms and handling of the borrowed funds.”

Ologbondiyan added that Nigerians cannot afford to continue to bear burden of an incompetent and insensitive administration and that is why they eagerly await the retrieval of the stolen mandate at the Presidential election petition tribunal.

https://www.akelicious.net/2019/04/pdp-queries-fg-buhari-over-n2438tn-debt.html

Bizznezz:
let FG provide answers

They can only provide excuses.

16 years excuse in three, two, one ....

No problem, is it not the same national assembly that approved all the loan then

UNRIPE DRY PLANTAIN FLAKES is available in large quantities. Check my signature

OK

Now the Bushmeat don turn Hunter

Next Level. Said Baba. Dem don use Nigeria pant buy kunu

And we didn't see what they used the money for.
I'm tired of this country even people that are working still suffering.

Bad leaders

We masses had to do something fast in this country

Stupidity is when you are in debt of $65bn (N24tr) but jubiliate over $40bn in the reserve...

Please what are you reserving?

N

Buhari's 2nd term hasn't even started, and we are already reaping what we sowed at the polls.
We haven't even seen the #nextleveldebt

BruncleZuma:


16 years excuse in three two one ....

If i hear pim from any body now eeh
How can you squander such big resource in just one term
Who send this people go aso

This is too much of a debt with no meaningful development on ground .

Buhari don finish this country .

opposition people Democratic party lol

this is the kind of oppositional augment we need seriously ..

But the like of FFK will be like : buharis cows are not smiling to people passing by his farm lol

Why didn't the PDP lead Senate sign the budget and hold a Nation ransom all through 2018.

Bizznezz:
let FG provide answers

Ok

PDP should shut up!

hiyayu52:
Read below it

Why are you still poor. Why don't you help your siblings and relatives and kinsmen abi they like poverty

Kkk

N2.66Trillion squandered in just 365 days. This is in addition to oil revenues that accrued in same period. Yet no project was initiated. I pray that Buhari is alive after 2023 to explain this plundering of Nigeria.

What!?

Well Nigerians should give an igbo man a chance and see Nigeria transformed for good. Infact those suffering abroad will be crying to come back home.

Alleged

Pdp ranting as usual

Buhari borrowed more than other governments before him yet economy is getting worse.Foreign investors are leaving in their droves while unemployment rate is shooting high.

24.38 trillion is way too much as any country's debt profile.why are we still borrowing in that excess?

Atiku won't be president anytime ever

This next level go sweet die, am waiting for the VP to come and break it down for us, because he is the one doing all the dirty job while saint buhari pretend as if he doesn’t know anything.