Atiku Abukabar, candidate of the People’s Democratic Party (PDP) in the last presidential election has reacted to the unprecedented rise in Nigeria’s external and domestic debt.
Nigeria’s debt was this week reported to have hit ₦24.947 trillion from N24.387 trillion it was in the last quarter of 2018.
According to the Debt Management Office, domestic debt contributed largely to the increase in the total debt of the Federal government and the 36 states of the federation.
Reacting, Atiku decried the alarming growth of the country’s debt profile, saying it was as a result of “irresponsible borrowing.”
“Nigeria’s debt has more than doubled from ₦12 trillion in 2015, to ₦24.9 trillion in 2019, yet we became the world headquarters for extreme poverty. Irresponsible borrowing results in unprecedented sorrowing. We mustn’t saddle future generations with debt instead of prosperity.” Atiku tweeted.
The ex Vice president recounted how the administration of his former boss Olusegun Obasanjo paid off Nigeria’s debt in 2006, only for the country to be pegged back to square one over the course of Buhari’s first four years in power.
“As head of the National Economic Council in 2006, under the leadership of ex-President Obasanjo, we paid off Nigeria’s entire debt. It thus breaks my heart to see that after that sacrifice, Nigeria in the last 4 years returned to being a heavily indebted extremely poor nation.” He said
He therefore warned that without checks and balances, the nation will continue to have a “profligate executive that borrows to sustain its greed and not the nation’s need”
“Without the checks and balances occasioned by a truly independent and self accounting Legislature and Judiciary, as co-equal and non-subordinate arms of government, we will continue to have a profligate executive that borrows to sustain its greed and not the nation’s need.
As it stands today, every man, woman and child in Nigeria is now not only poorer than they were in 2015, additionally, we all individually owe more than twice what we did in 2015. We may not have participated in the profligate borrowing, but we all suffer the resultant sorrowing.” Said Atiku
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