The Peoples Democratic Party (PDP) has disclosed that the outcry by the Chairman of President Muhammadu Buhari’s Economic Advisory Council (EAC), Dr Doyin Salami, over-accumulation of debt and high spending by the administration was frightening and a clear indication that the funds were going into private pockets.
Salami had revealed that the nation’s debt stock might soon hit N45 trillion.
PDP has alleged the APC led-government had no developing strategies to create wealth to run its affairs and repay the loans it collected, stating that the incompetent, lethargic and corrupt Buhari administration is only resorting to more loans in a reckless fashion.
The party also stated that the APC and its government cannot point to any legacy project financed with the loans that validate apprehensions in the public space, adding that the funds are being frittered by APC leaders and cabal in the corridors of power.
According to a statement from the Party’s National Publicly Secretary, Kola Ologbondiya, PDP said the “State of the Nation” revelation by Dr Salami that our “nation’s debt profile under Buhari has become ‘unmaintainable,’ at N35 trillion and growing; with an alarming debt service-to-revenue ratio of 97.7 percent, further confirms that President Buhari and the APC have finally mortgaged our national patrimony to foreign interests.
“Dr Salami’s revelation only validates apprehensions that President Buhari, who is still borrowing more money, is completely disconnected from his economic team, while the corrupt cabal in his presidency has taken advantage of the situation to pillage the vaults.
“It is distressing that despite the already terrifying situation, and with the further depreciation of our naira to N570 to a dollar, President Buhari is moving to take a fresh N2.66 trillion ($4 billion and €710 million) external loan, for very opaque purposes.
“This position is corroborated by Dr Salami’s report that Federal Government expenditure had been ‘on the increase and at a faster pace’ even when there are no projects on the ground to justify such astronomical increase,” the party stated.
PDP further explained that the corruption and incompetence, in addition to policy inconsistency, insecurity and macroeconomic instability, under the Buhari-led APC administration, “as also observed by the EAC, had stifled investments and crippled our national economy.”