Atiku Abubakar, the former vice president of the Federal Republic of Nigeria on Wednesday lamented that the increment of the country’s debt profile is becoming a cause for panic under the President Muhammadu Buhari administration.
He said the circumstance is now so serious that all compatriot Nigerians must raise the alarm.
According to the statement released by the media aide of the People Democratic Party February 23rd presidential aspirant, Mr Paul Ibe which was tagged as “sounding the alarm before Nigeria collapse under unsustainable depth.”
Atiku said that on May 29, 2015, the country debt was still moderate as at 12 trillion Naira But four years of alleged profligate spending and irresponsible borrowing, Nigeria’s debt doubled to N24.3tn by December 2018.
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The former Vice-President said, “As alarming as this is, what is more, troubling is that between December 2018 and March 2019, the Buhari administration added an additional and unprecedented N560bn debt to our national debt profile.
“What could this junta have needed that amount for? If you take those dates into account, they fell on the period of electioneering, when officials of this government freely distributed monies in the name of Tradermoni and other election gimmicks that were discontinued after the election.
“We find it inconceivable that Nigeria could have had such unprecedented borrowing amid almost unimaginable sorrow, which resulted in our nation becoming the world headquarters of extreme poverty and the global capital of out-of-school children, even as we slipped in the Corruption Perception Index of Transparency International.”
Atiku said while he was in charge of the National Economic Council under the former president Obasanjo administration, he called those trying to turn the country to a begging nation to question.
Nigeria must stop borrowing to pay off salary and support luxuries, he added.