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“Nigeria Is In Trouble”- Atiku Abubakar Raises Alarm Over Nigeria’s Rising Debt Profile

nigeria rising debt profile

“Nigeria Is In Trouble”- Atiku Abubakar Raises Alarm Over Nigeria’s Rising Debt Profile

The presidential candidate of the Peoples Democratic Party (PDP) in the February 23 presidential election, Atiku Abubakar, has raised the alarm on over the nation’s N25.6trn debt, saying it’s unsustainable.

Atiku said the increasing debt profile of the country is becoming more than a source of concern, adding that the situation has got to a stage where all genuine lovers of Nigeria ought to raise an alarm.

Atiku, in a statement Wednesday by his media adviser, Paul Ibe, recalled that the nation’s debt profile as of May 29, 2015 when President Muhammadu Buhari took over, was ₦12 trillion.

“However, after four years of profligate spending, and even more irresponsible borrowing, our national debt doubled to ₦24.3 trillion by December, 2018.

“As alarming as this is, what is more troubling is that between December 2018 and March 2019, the administration of General Buhari added an additional and unprecedented ₦560 billion debt to our national debt profile.

“What could this junta have needed that amount for? If you take those dates into account, they fall on the period of electioneering, when monies were freely distributed by officials of this government in the name of Tradermoni and other election gimmicks that were discontinued after the election”, Atiku added.

The one time Vice President said it’s inconceivable that Nigeria could have had such unprecedented borrowings in the midst of almost unimaginable sorrowing.

This, he observed, has resulted in the country becoming the world headquarters for extreme poverty and the global capital of out of school children, noting further that Nigeria has slipped in the Corruption Perception Index of Transparency International.

Continuing, Atiku said, “As someone who headed the National Economic Council that paid off Nigeria’s entire debt under the visionary leadership of President Olusegun Obasanjo, Atiku Abubakar has the moral authority to call those who are turning Nigeria into a beggar nation to halt the drift into unsustainable borrowing.

“We cannot continue to borrow to pay salaries and support luxuries. Already, over 50% of our revenue is going towards debt servicing, not even debt repayments.

“We raise this alarm as responsible citizens and call on other lovers of Nigeria to speak up as we have no other nation to call our home, but Nigeria”




    July 10, 2019 at 8:10 PM

    Any functioning and progressive government whose priority is to develop it country must know that any foreign borrowing has to be tied to a project for sustainable development and growth of the economy. Of course borrowing in itself is not out of place if judiciously used. But Nigeria government borrowing to pay salaries of workers is counterproductive, illconcieved and imprudent. if the current administration continued with its current negative trend and with it borrowing obsession, then we are just a step away in entering another disastrous economic meltdown. It is so incredible to see our national debt soar and doubled just in the past four years of the current regime. The fact is, no economy experiences meaningful growth when it spends more of its resources to service debts annually than what it commits to providing badly needed infrastructures. We have low revenue which is as a result of our overly dependent on crude oil, weak tax base, failure to meticulously collect its revenues and taxes, mismanagement and looting of the treasury which the administration plegded with Nigerians they will thoroughly check and diversify if fully supported and voted into power. But what do we see today? A cabinet of incompetent government officials whose irrational economic strategy is to mortgage the future of Nigerians through avoidable borrowings. Rather than giving priority to our doldrum economy and security challenges, all we could see is total financial support of privately owned cattle rearing business from the federal purse. Until their is total overhaul and a complete change in our economy strategy, we will continue to witness more debts, more weaker economy and more poverty in the country.

    • Metu Nyetu

      July 11, 2019 at 8:48 AM

      WHEN NIGERIANS KEEP voting in bloated-belly people with inordinate greed to rule them; people who sit for a few minutes or hours in a plenary session, and thereafter sign off millions in checks, not much should be expected. The president himself does not know what else to do except for that secret–but now open–plan to gradually Islamise the country. Voting him in once was a mistake; voting him in twice is superlative foolishness on the part of Nigerians. Buhari still has three years left: Three more years to stagnate our economy with his selfish policies and that head us backwards, while the country’s debt profile hits the sky.

  2. Danti

    July 10, 2019 at 9:37 PM

    How can one live long with all the myriad of shits coming down from this government? The demons that are tormenting this nation were trained and certificated by the devil himself. Our problems are from the principality of unimaginable awful spirits. O su mi ooo……..

  3. Lola O

    July 11, 2019 at 9:43 PM

    Perhaps Atiku can show patriotism by first returning the money that he alone single-handedly stole from Nigeria. Borrowing money to pay outstanding salaries was a last resort, since people were experiencing extreme hardship with their families, after some State governments owed them several months salaries. How were they to commute to work, pay their bills and feed their families? Even some governments in America borrow money to pay salaries when they reach their lowest as happened in California about seven years ago. Government funds had run out and they were using I.O.U. checks to pay civil employees which the banks honored. The same people who created problems for the masses due to their excessive greed and lack of conscience, now blame Buhari for trying to alleviate the suffering of the masses. Now, we know that some Yoruba people are behind kidnappings using Fulani herdsmen as cover (having realized its more lucrative to get ransom of N10 million naira on one kidnapped victim than go work for money). Which country in the world is cursed and facing imminent doom like Nigeria? Atiku and his cohorts deserve public execution like Rawlins did in Ghana. We don’t need his opinion or advise and they should not even be walking freely on the streets by now. Wicked, heartless leaders. May you all rot and may maggots eat up your flesh whilst still alive.


      July 12, 2019 at 4:44 AM

      Our question to President Buhari and the APC is how many jobs have they created using those gigantic money borrowed that clearly doubled the amount PDP owed as debt in the past 16 years combine of their rule? Can you also mention just three projects that they have initiated, started and completed in the last four years of APC administration? Even the ones Buhari met on ground how many has he been able to finish? Under Buhari’s watch, Nigeria’s economy, once one of the world’s most promising, has struggled with tepid growth, including a 15-month long recession. The effects on the lives of everyday Nigerians has been significant: the unemployment rate has more than doubled and more people now live in extreme poverty in Nigeria than anywhere else in the world. Yet our borrowings continue to skyrocket without any meaningful infrastructures in place. What could rightly explain this downward spiral underachievment if not that the current administration lack the tenet to lead the nation. I do not think It makes any sense either to accuse Atiku of corruption when the courts and the wide world could not convict him as such. The list is endless if we are to embark on the numerous counting of this failed administration.

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