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Corruption, poor mgt responsible for N22trn debt – PDP

Corruption, poor mgt responsible for N22trn debt – PDP

The Peoples Democratic Party (PDP) has blamed the N22 trillion Nigeria’s debt burden on corruption and poor understanding of global economy by President Muhammadu Buhari’s government.

The party, in a statement yesterday by its National Publicity Secretary, Kola Ologbondiyan, noted that had President Buhari heeded wise counsel from PDP to allow competent hands to manage the nation’s economy, the nation would not have been in this current embarrassing economic situation.

“Since President Buhari assumed office and took control of our once robust economy, his administration has not been able to articulate any germane policy to sustain, let alone, grow the economy, but, had instead, resorted to borrowing, while allowing his cronies and APC leaders to fritter away trillions of naira earned by the nation in the last three years,” the party said.

It wondered why the administration would not accumulate debts when it has continued to cover up corrupt practices under its watch.

PDP noted the alleged N9 trillion underhand oil contracts in the Nigerian National Petroleum Corporation (NNPC) and Ministry of Petroleum Resources, as well as the alleged illegal lifting of crude oil worth N1.1 trillion by 18 unregistered companies to service some special interests.
“Moreover, the Buhari presidency has refused to explain the whereabouts of trillions of naira in unremitted oil revenue, resulting in the deadlock at the Federal Accounts Allocation Committee (FAAC).

“If these monies were properly accounted for and utilised, Nigeria will not be in this dire economic situation, which has brought hunger and starvation on Nigerians and rendered millions of compatriots jobless, while President Buhari and his officials live in affluence,” PDP further observed.
The party recalled that various red flags had been raised by international agencies, including Transparency International and the World Bank on the poor management of the nation’s economy but regretted the administration’s secrecy and violation of rules in the sector.

It said that since Buhari intensified his re-election bid, “there have been huge dearth in investment inflow, further depreciation of the naira and a dangerous slide in the capital market, all signposting that our nation will continue to face perilous time as long as President Buhari is in the saddle with his array of persons with doubtful credentials as ministers and special advisers.

“PDP therefore urges President Buhari to take responsibility for the escalated debt, stop offering excuses and get ready to accept defeat and quit the stage in 2019, so that more competent Nigerians can revamp our economy on the platform of the repositioned PDP.”

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