.Demands NASS investigation
By Valentine Amanze
The Peoples Democratic Party (PDP) has queried the All Progressives Congress (APC)-led Federal Government of Nigeria and the Muhammadu Buhari Presidency over the alleged borrowings, which led to the escalation of the nation’s debt stock from N12.12 trillion in 2015 to an overburdening N24.38 trillion in 2018.
The party, in statement by its National Publicity Secretary, Kola Ologbondiyan, described as saddening and devastating that Buhari’s administration relies on heavy borrowings and unbearable tax regimes, which had crippled productivity, caused hardship and mortgaged the economic future of the nation.
The PDP pointed out that since Buhari assumed office in 2015, there had 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 further said that it was shocking and insupportable that the 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 within one year.
The PDP however advised the Buhari-led administration to explain its borrowing spree, especially as it could not point to any meaningful development project into which the funds were invested.
“This is 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 elections campaign activities of the APC, a huge part of which ended in private pockets of corrupt APC leaders.
“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 party said.
Besides, the PDP urged the National Assembly to commence a system-wide
investigation into the borrowings by the Buhari administration,
particularly the terms of the borrowing and the handling of the funds.
“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,” the party said.
