₦airaland Forum

ATIKU Abubakar, former Vice President and one-time presidential candidate of the People’s Democratic Party (PDP) has expressed concern over the rising debt of Nigeria.

“We are not just robbing Peter to pay Paul, but robbing our children to pay for our greed,” Abubakar said of a recent statement that the country’s debt to revenue ratio is now 99 percent.

In a series of tweets shared on Tuesday, the former Vice President cited figures presented in the Medium Term Expenditure Framework and Fiscal Strategy from the Federal Ministry of Finance, Budget, and National Planning, which show that while Nigeria spent a total sum of ₦943.12 billion in debt servicing in the first quarter of 2020, the Federal Government’s retained revenue for the same period was only ₦950.56 billion.

According to him such debt to revenue ratio shows that the country is in a crisis saying that the nation’s 2020 first quarter financial report Medium Term Expenditure Framework and Fiscal Strategy is shocking .

“Nothing has shocked me in my entire life in public service as the revelation from Nigeria’s First Quarter 2020 financial reports in the Medium Term Expenditure Framework and Fiscal Strategy from the Federal Ministry of Finance, Budget, and National Planning, which shows, alarmingly, that whereas Nigeria spent a total sum of ₦943.12 billion in debt servicing, the Federal Government’s retained revenue for the same period was only ₦950.56 billio,” he said.

“This means that Nigeria’s debt to revenue ratio is now 99%.”

“No one should be deceived. This is a crisis! Debt servicing does not equate to debt repayment. The reality is that Nigeria is paying only the minimum payment to cover our interest charges. The principal remains untouched and is possibly growing,” he said further.

Atiku Abubakar also condemned the current cost of governance, describing it as unnecessary while urging the Federal Government to cut down the cost and channel the revenue to other vital areas of need in the country.

He advised against the maintenance of the presidential air fleet and ‘renovation of buildings – referring to the National Assembly Complex, just as he also condemned the limousine fleet for top government officials, overseas travels and treatments, and the ₦4.6 billion Presidential Villa maintenance budget, stating that all are wasteful projects.

READ MORE: https://www.icirnigeria.org/were-robbing-our-children-to-pay-for-our-greed-atiku-speaks-on-nigerias-debt-profile/

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Shehuyinka:
ATIKU Abubakar, former Vice President and one-time presidential candidate of the People’s Democratic Party (PDP) has expressed concern over the rising debt of Nigeria.

“We are not just robbing Peter to pay Paul, but robbing our children to pay for our greed,” Abubakar said of a recent statement that the country’s debt to revenue ratio is now 99 percent.

In a series of tweets shared on Tuesday, the former Vice President cited figures presented in the Medium Term Expenditure Framework and Fiscal Strategy from the Federal Ministry of Finance, Budget, and National Planning, which show that while Nigeria spent a total sum of ₦943.12 billion in debt servicing in the first quarter of 2020, the Federal Government’s retained revenue for the same period was only ₦950.56 billion.

According to him such debt to revenue ratio shows that the country is in a crisis saying that the nation’s 2020 first quarter financial report Medium Term Expenditure Framework and Fiscal Strategy is shocking .

“Nothing has shocked me in my entire life in public service as the revelation from Nigeria’s First Quarter 2020 financial reports in the Medium Term Expenditure Framework and Fiscal Strategy from the Federal Ministry of Finance, Budget, and National Planning, which shows, alarmingly, that whereas Nigeria spent a total sum of ₦943.12 billion in debt servicing, the Federal Government’s retained revenue for the same period was only ₦950.56 billio,” he said.

“This means that Nigeria’s debt to revenue ratio is now 99%.”

“No one should be deceived. This is a crisis! Debt servicing does not equate to debt repayment. The reality is that Nigeria is paying only the minimum payment to cover our interest charges. The principal remains untouched and is possibly growing,” he said further.

Atiku Abubakar also condemned the current cost of governance, describing it as unnecessary while urging the Federal Government to cut down the cost and channel the revenue to other vital areas of need in the country.

He advised against the maintenance of the presidential air fleet and ‘renovation of buildings – referring to the National Assembly Complex, just as he also condemned the limousine fleet for top government officials, overseas travels and treatments, and the ₦4.6 billion Presidential Villa maintenance budget, stating that all are wasteful projects.

READ MORE: https://www.icirnigeria.org/were-robbing-our-children-to-pay-for-our-greed-atiku-speaks-on-nigerias-debt-profile/

Until Atiku and obasanjo come out to tell us with what they did with 16bn$ meant for power projects I don't think he qualifies to point accusing fingers.

U are wrong sir, your generation has already robbed the children what you guys are doing now is robbing your grandchildren. We have no future. your generation shall forever be remembered for giving us irresponsible, greedy, unethical, dishonest, lazy humans. we will write your history with the blood of the innocent and Africa will forever curse your generation.

EngrXrix:
Until Atiku and obasanjo come out to tell us with what they did with 16bn$ meant for power projects I don't think he qualifies to point accusing fingers.

don't mind him,it seems they remember the masses whenever they lose election or they aren't in power,what did he do when he was VP?
Was he not part of the thieves?that's y I pity d gullible souls who take ffk n Reno omokri serious.these people don't care for us but only their pocket

hollah123:
don't mind him,it seems they remember the masses whenever they lose election or they aren't in power,what did he do when he was VP?
Was he not part of the thieves?that's y I pity d gullible souls who take ffk n Reno omokri serious.these people don't care for us but only their pocket

On point.