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PDP decries Nigeria’s rising debt profile, asks National Assembly to intervene | The Guardian Nigeria News - Nigeria and World News

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PDP National Publicity Secretary Kola Ologbondiyan says since the advent of the Buhari administration, there has been a culture of unexplained borrowings leading to a steep rise in the country’s debt stock from ₦17.5 trillion in 2016 to ₦24.387tr in 2018

In a statement issued by its National Publicity Secretary, Kola Ologbondiyan, it noted that it was saddening and devastating that the present administration relies on heavy borrowings and unbearable tax regimes, which have crippled productivity, caused untold hardship and mortgaged the country’s economic future.

“It is shocking and completely insupportable that our 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 statement reads. “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 All Progressives Congress 2019 general elections campaign activities, a huge part of which ended up in private pockets of corrupt party leaders,” it added.

 

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