Why Buhari Can’t Stop Plunging Nigeria Into Debts – PDP

The Peoples Democratic Party (PDP) has tied President Muhammadu Buhari’s alleged inability to stop taking foreign loans, to the “frittering away” of trillions by his cabinet and members of the ruling All Progressives Congress (APC).

Speaking in a statement by its spokesperson, Kola Ologbondiyan, the PDP accused President Buhari of lacking proper “understanding of current global economic dynamics” and as such has “completely wrecked” the country’s economy by accumulating “N22 trillion national debt burden.”

The ruling party said despite borrowing extensively, the Buhari administration cannot point to major development projects it has initiated.

The statement reads: “Since President Buhari assumed office and took control of our once robust economy, his administration has not been able to articulate any germane policy to sustain, let alone, grow the economy, but had instead, resorted to borrowing, while allowing his cronies and APC leaders to fritter away trillions of naira earned by the nation in the last three years.

“Why would the Buhari administration not accumulate debts when it has continued to cover up corrupt practices under its watch, including the alleged stealing of N9 trillion, through underhand oil contracts in the NNPC and Ministry of Petroleum Resources as well as the alleged illegal lifting of crude oil worth N1.1 trillion by 18 unregistered companies to service APC interests, among others.

“Moreover, the Buhari Presidency has refused to explain the whereabouts of trillions of naira unremitted oil revenue, resulting in the deadlock at the Federal Accounts Allocation Committee (FAAC).

“If these monies were properly accounted for and utilized, Nigeria will not be in this dire economic situation which has brought hunger and starvation on Nigerians and rendered millions of compatriots jobless, while President Buhari and his officials live in affluence.”

The PDP also accused the Buhari Presidency of “concealing the fact that Petroleum sector under President Buhari has been inducted into the FOI Hall of Shame by Media Rights Agenda (MRA) following government’s relentless secrecy and violation of rules in the sector.

“We invite Nigerians to note that since President Buhari intensified his re-election bid, there have been huge dearth in investment inflow, further depreciation of the naira and a dangerous slide in the capital market, all signposting that our nation will continue to face perilous time as long as President Buhari is on the saddle with his array of persons with doubtful credentials as ministers and special advisers,” the party noted.

It asked the current administration to take “responsibility for the escalated debt, stop offering excuses and get ready to accept defeat and quit the stage in 2019, so that more competent Nigerians can revamp our economy on the platform of the repositioned PDP.”