Poor handling of economy, corruption responsible for N22 trn debt

The Peoples Democratic Party (PDP) says poor understanding of current global economic dynamics and cover of corruption are directly responsible for the accumulated N22 trillion national debt burden.

The Party said this in a statement issued by its National Publicity Secretary, Mr Kola Ologbondiyan on Wednesday in Abuja.

Ologbondiyan said that the All Progressives Congress (APC)-led Federal Government should have heeded wise counsel from the PDP to allow competent hands to manage the nation’s economy.

He said that had government not continued to allow official cover for corruption, the nation would not have been in the current economic situation.

He alleged that since the current administration assumed office and took control of the once robust economy, Nigeria, it had not been able to articulate any germane policy to sustain, let alone, grow the economy.

Ologbondiyan said that the party had rather resorted to borrowing.

He said that there was no way the country would not accumulate debts when government had continued to cover up corrupt practices under its watch.

Ologbondiyan inclucited the alleged stealing of N9 trillion through underhand oil contracts in the Nigerian National Petroleum Corporation (NNPC) and the Ministry of Petroleum Resources as well as the alleged illegal lifting of crude oil worth N1.1 trillion by 18 unregistered companies.

“Moreover, the Presidency has refused to explain the whereabouts of trillions of naira 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.’’

Ologbondiyan recalled various red flags by international agencies, including Transparency International and the World Bank on the poor management of the nation’s economy.

He alleged that since President Buhari intensified his re-election bid, there had been fall in investment inflow, further depreciation of the naira and a “dangerous” slide in the capital market.

He advised President Muhammadu Buhari to take responsibility for the escalated debt and act to address it.