Government & Politics

PDP Berates Buhari On Nigeria’s Rising Debt Profile


The Peoples Democratic Party, PDP has taken a swipe at the President Muhammadu Buhari-led administration for plunging the country into huge debt two years after taking over the reins of government.
In multiple tweets berating the Buhari administration, the PDP expressed dismay at the huge debt the country has already amassed midway into its four-year mandate.

“We are alarmed and bewildered with the suffocating debt profile of Nigeria in just two years of the APC administration,” it stated, adding that despite the huge debt profile, there are no proportional projects to justify the borrowing done by the administration.

“The APC administration is gradually selling the future of this country by the unsustainable debts with no tangible projects,” the party wrote in yet another tweet.

Earlier in the week, the DMO put the nation total debt profile as at May 31, 2017 at N19. 16 trillion. According to the figures released by the debt management office, Nigeria’s domestic debt stood at N11.96 trillion in 2016 as against N8.51 trillion recorded in 2015, representing a 40. 71 per cent increase. External debt of federal and state governments rose from $9.46 billion to $13.81 in two years, an increase of 45.98 percent.

The party further lamented the inability of the current government to build on the benefits of the debt relief granted the nation few years ago during the administration of President Olusegun Obasanjo.

“The ruling party, the APC has virtually reversed all the gains made by the PDP government Paris debt forgiveness,” it added.

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