…Nigeria total foreign debt as of May 29, 2015 was $7.02 billion, today, our foreign debt is $23 billion
…the country current debt profile, is debt that leads to death
BY OUR CORRESPONDENT
The Atiku Media Office on Sunday insisted that reckless borrowing President, Muhammadu Buhari Administration will compromise the future of Nigeria and demanded an apology from Buhari and the All Progressives Congress on behalf of Nigerians and seek for away to halt the rising debt profile.
The statement was titled “Loans: Buhari, APC Owe Nigerians An Apology,” signed by the Atiku Media Office, in Abuja, on Sunday.
The statement said two months ago, the former Vice President of Nigeria and PDP Presidential candidate in the 2019 election, Atiku Abubakar called the attention of Nigerians to the reality of reckless borrowing by the present APC administration and how the terms of those loans could compromise the future of the country.
It said as was expected, “some managers of the party and even the government denied the allegations that he raised and also discount the warning for caution.”
The statement further read, “…regrettably, just last week, a cabinet minister confirmed our fears. Now, we all are aware that Nigeria’s sovereignty may have been traded for foreign loans and God forbids our inability to service those loans, the lender country would take ownership of choice infrastructure on the Nigerian soil. No negotiation could be weaker than that.
“Nigeria had a total foreign debt stock of $7.02 billion on May 29, 2015. Today, our foreign debt is $23 billion and rapidly rising. Debt, by itself, is not a bad thing. But debt budgeted for such unproductive ventures, like the proposed $500 million upgrade of the Nigerian Television Authority and other sundry bogus contracts, is debt that leads to death. To trade Nigeria’s sovereignty for this type of profligacy is the height of irresponsibility.
“Atiku Abubakar has long advocated for a more robust engagement of the private sector and promotion of foreign direct investment as sustainable alternatives through which the government could fund infrastructure development.”