October 18, 2021

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PDP governors hit hard on APC, say borrowing will plunge Nigeria into bankruptcy

  • The PDP governors’ forum has raised the alarm over the rising debt profile of the country under the APC administration
  • Governor Aminu Tambuwal and chairman of the forum expressed the concern in a communique he read on Monday, June 14, in Uyo the capital of Akwa Ibom
  • According to them, Nigeria may soon be put into bankruptcy with its excessive borrowings by President Buhari’s government

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Uyo, Akwa Ibom – The governors elected under the platform of the Peoples Democratic Party (PDP) have raised the alarm over the current debt profile of the country.

The Nation reports that the ruling All Progressives Congress (APC)-led federal government has incurred N36 Trillion in the last six years.

PDP governors hit hard on APC, say borrowing will plunge Nigeria into bankruptcy
PDP governors raise the alarm over the borrowing rate by the APC government. Credit: PDP Nigeria.
Source: Facebook

Legit.ng gathered that the forum expressed worry that the federal government was gradually plunging Nigeria into bankruptcy with its excessive borrowings, adding that over 80% of the normal appropriation is being spent on debt servicing.

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The governors, in a communique issued on Monday, June 14, after a meeting in Uyo, also accused the Nigeria National Petroleum Corporation (NNPC) and other revenues generating agencies of the federal government of lack of transparency and accountability in the declaration of revenue proceeds.

The chairman of the forum and governor of Sokoto state, Aminu Tambuwal, who read the communique, complained that the lack of financial transparency by the NNPC and other agencies has robbed state and local governments of the needed funds to provide employment and develop their territories.

The communique read:

”PDP Governors frowned at the rising and seemingly uncontrollable debt profile of Nigeria with over 80% of normal Appropriation spent on debt servicing. All the gains of the PDP Government under Chief Olusegun Obasanjo, GCFR, where Nigeria exited its foreign debt obligations has been destroyed.”

PDP governors tell APC not to put Nigeria into unnecessary debt

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The governors asked the APC-led government not to saddle the incoming generations with the undue debt burden.

According to him, the borrowing spree of the APC administration if unchecked would certainly lead Nigeria into avoidable bankruptcy.

They also expressed deep concerns about the operational system and methods of the Central Bank of Nigeria (CBN).

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PDP vows to defeat ruling APC in 2023

Meanwhile, Legit.ng had previously reported that the PDP governors vowed that their party would defeat the All Progressives Congress (APC) in the 2023 general elections.

It was reported that the chairman of the PDP governors forum, Governor Aminu Tambuwal of Sokoto state, made the statement on Sunday, June 13.

The members of the forum are currently in Uyo, the Akwa Ibom state capital, to discuss how to strengthen the party in preparedness for the coming election.

Source: Legit Nigeria