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Published On: Tue, Feb 11th, 2020

Buhari accumulates $83b foreign debt in five years – PDP

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By Lateef Ibrahim

The opposition Peoples Democratic Party (PDP) has said that under the Buhari Presidency, Nigeria’s foreign debt has accumulated to $83 billion dollars with nothing to show for it in the country.
In a statement issued by the National Publicity Secretary of the PDP, Kola Ologbondiyan, PDP said in the place of the heavy foreign debt and borrowing by the All Progressives Congress (APC), Nigerians have been left with excruciating unemployment, decayed infrastructure, bad governance, escalated insecurity and unprecedented poverty.
It also accused the Minister of Information, Lai Muhammed, of conniving with the cabal in the presidency to mortgage the future of young and unborn generations, saying the request by the minister to borrow $500 million to transform NTA into African CNN is a decoy to syphoned public funds to the economic interest of the cabal in the presidency.
PDP to this end advised the Minister of Information and Culture, Alhaji Lai Mohammed, to perish the thought of further mortgaging the future of Nigeria by securing $500 million dollars (N182 billion) loan.
The party thus urged the National Assembly to save the nation by refusing the request by President Muhammadu Buhari to plunge our nation into more debt through his request for additional $29.9 billion dollars loan.
The PDP further implored the National Assembly to reject the clear attempt by the cabal in the Buhari Presidency to worsen the economic situation in the country via the use of phony projects as guise to draw foreign funds to service their selfish economic and political interests.
According to the statement, “The party notes that under the Buhari Presidency, our foreign debt has accumulated to $83 billion dollars with nothing to show other than excruciating unemployment rate, decayed infrastructure, a worsening governance system, escalated insecurity and unprecedented poverty.
“The PDP alerts that the request for the approval of $500 million is aimed at setting the stage for further fleecing of our nation’s economy by the Buhari administration.
“Moreover, the Federal Government has failed to present details of the requested $29.9 billion dollars loan in which the $500 million being requested by the Minister of Information and Culture is embedded; a development that points to nothing but the corruption in the Buhari administration.”
The party also charged Lai Mohammed to immediately provide answers to circumstances surrounding the reported National Broadcasting Commission (NBC) N2.5 billion fraud.

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