The Peoples Democratic Party (PDP) has urged the National Assembly to “probe the increase of the nation debt stock from N12.12 trillion in 2015 to an overburdening N24.38 trillion in 2018,” describing the figure as unacceptable.
The party’s national publicity secretary, Kola Ologbondiyan, in a statement Tuesday, described as “saddening and devastating the reliance on heavy borrowings and unbearable tax regimes, which have crippled productivity, caused untold hardship and mortgaged the economic future of our nation”.
Continuing, he said: “Since President Muhammadu Buhari assumed office in 2015, there has been a culture of unexplained borrowings leading to a steep rise in the debt stock from N17.5 trillion in 2016 to N21.72 trillion in 2017 and a huge N24.387 trillion in 2018.
“It is shocking and completely insupportable that our nation’s debt had risen from N21.72 trillion in December 2017 to N24.387 trillion in December 2018, showing an accumulation of a whopping N2.66 trillion in a space of one year.
Ologbondiyan urged the National Assembly to commence “a system-wide investigation” into the borrowings by the APC administration, particularly the terms of the borrowing and the handling of the funds.
