President Muhammadu Buhari Ordered To Account For Nigeria’s N7.51 Trillion

Buhari Ordered To Account For Nigeria’s N7.51 TrillionPresident Muhammadu Buhari Ordered To Account For Nigeria’s N7.51 Trillion.

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The Peoples Democratic Party, PDP, has said that President Muhammadu Buhari, has been unable to account for N7.51 trillion he borrowed in the last two years.

 

This came as the opposition party called on the National Assembly to reject the $5.5 billion loan request by the Buhari-led Federal Government.

 

In a statement on Wednesday night, by its National Publicity Secretary, Prince Dayo Adeyeye, the PDP expressed concern that by the time Nigerians would have the opportunity to vote out the APC government in 2019, the economy of the nation would have been damaged irreparably.

 

“We are dismayed at the rate at which the APC government is plunging the nation into debt through local and foreign borrowing, without concomitant developmental projects in any sphere of the nation’s economy to justify the huge borrowing”, the party stated.

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It recalled that the figure recently released by the Debt Management Office, DMO, stated that the APC administration has borrowed N7.51 trillion in the last two years, which it described as mind-boggling.

 

According to the party, despite such huge amount, the infrastructure decay has reached alarming proportions.

 

“The roads have deteriorated, the state of power supply has become worse”, the PDP added, regretting that there have been no increases in wages to match sky-rocketing inflation the nation is facing.

 

“As a result, workers in educational institutions and other government agencies have spent more time at home observing strike action than they spend at work, insecurity has sky-rocketed beyond what anyone can imagine, while those in power continue to delude themselves that they are providing plausible leadership for the country.

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“We are constrained to ask the government of President Muhammadu Buhari to explain to Nigerians what his government has done with the several huge sums borrowed in the last two years in the name of financing infrastructure development in the country”, the statement requested.

 

It added that the data showed that the nation’s debt has risen by 61.96 percent, since President Buhari was sworn-in two years ago.

 

“As major stakeholders in the Nigerian project, we are worried that if the National Assembly does not stop this latest demand for foreign loan, the money when released will go the way of other loans obtained in the last two years without any tangible result to show for it” the PDP further stated.

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