NLNG Corporate Respect banner First bank FinTech summit Fidelity bank card banner Emerald Energy Institute Camano banner

Atiku decries rising debt profile, says Nigeria’s debt now N24.3trn

By Chuks Okocha, Abuja on 11/07/2019

Gmail icon

Views: 226

•Alhaji Abubakar
•Alhaji Abubakar

Former Vice-President and the presidential candidate of the Peoples Democratic Party (PDP) in the last Presidential election, Atiku Abubakar, has decried what he described as the rising debt profile of Nigeria under the administration of President Muhammadu Buhari

In a statement by his media team, Afiku said that the increasing debt profile of Nigeria was becoming more than a source of concern, stating that the situation is now at the stage where all genuine lovers of Nigeria ought to raise alarm.

According to Atiku, “On May 29, 2015, our national debt profile was at a very healthy ₦12 trillion. However, after four years of profligate spending, and even more irresponsible borrowing, our national debt doubled to ₦24.3 trillion by December, 2018.

“As alarming as this is, what is more troubling is that between December 2018 and March 2019, the administration of General Buhari added an additional and unprecedented ₦560 billion debt to our national debt profile.

“What could this junta have needed that amount for? If you take those dates into account, they fall on the period of electioneering, when monies were freely distributed by officials of this government in the name of Tradermoni and other election gimmicks that were discontinued after the election.”

Atiku said that he found it inconceivable that Nigeria could have had such unprecedented borrowings in the midst of almost unimaginable sorrowing, which resulted in becoming the world headquarters for extreme poverty and the global capital of out of school children, even as Nigeria slipped in the Corruption Perception Index of Transparency International.

The statement said, “As someone who headed the National Economic Council that paid off Nigeria’s entire debt under the visionary leadership of President Olusegun Obasanjo, Atiku Abubakar has the moral authority to call those who are turning Nigeria into a beggar nation to halt the drift into unsustainable borrowing.

“We cannot continue to borrow to pay salaries and support luxuries. Already, over 50% of our revenue is going towards debt servicing, not even debt repayments.

“We raise this alarm as responsible citizens and call on other lovers of Nigeria to speak up as we have no other nation to call our home, but Nigeria”. (THISDAY)

 

 

 

Source News Express

Posted 11/07/2019 05:14:42 AM

 

 

CLASSIFIED ADS

 

You may also like...
Nigeria’s economy requires fundamental transformation — Fidelity Bank...

Presidency: JONATHAN BETTER THAN BUHARI —Tonye Princewill

Breaking: Sanusi begins reign as Emir of Kano,...

EFCC suffers setback in Emeka Ugwuonye’s billion-naira suit...

Women advocate dialogue in addressing contentious national issues...

Omisore now in APC: Famurewa

Militants abduct 4 Niger Delta community leaders, oil...

Court throws out EFCC’s suit against Patience Jonathan...

I inherited N90bn debt from Suswan, Gov. Ortom...

Nigerian students sue American university for treating them...

Nigeria moves closer to single naira rate

US envoy says Nigeria at risk of population...

 

Latest News HAPPENING NOW: Hope dims for Achumba as lawmakers confirm Edward Onoja as Kogi’s new Deputy Governor BREAKING: Abducted Police Commander rescued, suspects in the net Kidnapped ex-Police chief found dead Over 500,000 spaces in 2018 admissions not utilised — JAMB 3 U.S. soldiers killed in training accident Kaduna Govt shortlists 5,351 applicants for employment 5 feared dead in ghastly accident, Abia LG TC chairman, others hospitalised Buhari to meet Putin in Russia ASUU begins members’ mobilisation for showdown with FG NPA shuts Secure Anchorage Area contract over threat to national security •Writes to Nigerian Navy We’ll actualise Biafra in honour of Nnamdi Kanu’s mother — IPOB Police arrests 6 cultists terrorising Alapere in Lagos

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (552,268 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (447,909 views) Shameless Genevieve Nnaji exposes breasts in public (395,597 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (331,124 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (299,480 views) 10 cars more expensive than Jets (266,229 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (256,363 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (253,743 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (235,270 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (221,415 views) Lagos plane crash: Journalist releases victims’ names (198,855 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (196,006 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (105) Business & Economy (4,505) Business Verdict (85) Columnists (1,131) Complaints & Requests (97) Enterprise & Opportunities (218) Entertainment (693) Features (836) Global Business Monitor (469) ICT Monitor (66) International (4,100) Interview (205) Live Commentary (30) Love Matters (174) Maggie's Blog (452) News (52,893) Opinion (1,400) Pidgin (17) Politics (11,591) Religion (1,112) Sports (2,198) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera