The Action Democratic Party (ADP) has described as alarming the current debt profile of Nigeria, putting at N25.7 trillion as at November, 2019.
According to the Debt Management Office (DMO), Nigeria’s current foreign and domestic debts as of November 2019 have hit N25.7 trillion from N24.39 trillion.
Addressing a press conference Friday in Abuja, ADP’s national chairman Engr. Yusuf Yabagi Sani, who had earlier received the officials of the Independent National Electoral Commission (INEC) on inspection of the party, said the debt profile of the country has become very alarming since the coming of All Progressives Congress (APC) administration.
According to Engr. Sani, the INEC officials who visited the party national secretariat were satisfied with the party for meeting up all the requirements to stand as a political party.
The opposition party expressed its opposition to what it described as attempt to plunge Nigeria further into debts by the APC administration through excessive borrowing.
“The current government of the All Progressives Congress (APC) led by President Muhammadu Buhari appears to have lost the initiative despite its pretentions. Poor economy, insecurity and many other vices have ravaged Nigeria in the last four years. The Problems seem to be increasing amid other emerging crises that appear to have overwhelmed the current government.
“As alarming as this situation is the Buhari government is proposing to borrow an additional $30 billion dollars purportedly to fund the development projects even as he has failed to present a concrete repayment package to the National Assembly.
“Our fear is that the borrowed funds will be frittered away in wasteful spending that will not add any value to the nation and its people.”
The ADP also urged the leadership of the National Assembly to reject the latest request by the executive to borrow another $30 billion dollars.
“The National Assembly leadership are said to be plotting to approve the loan request for Buhari without any cogent plan as to how to pay back. This is an insult on Nigerian people and the ADP will be at the forefront among those that will mobilize the Nigerian people to use all legitimate means to stop this impending debt trap Buhari and his APC want to impose on Nigerians. It is our collective responsibility to protect our future and that of our children.
“Today, the economic fortunes of Nigerians have deteriorated, such that Nigeria according to the World Poverty Clock and the Brookings Institute is the poverty capital of the world with nearly 100 million of its citizens living below the poverty line in the last four years.”
While backing the current closure of borders, the ADP national chairman spoke against the plan to impose heavy taxation on Nigerians.
“Nigerians are also apprehensive over Buhari’s plan to impose heavy taxation on Nigerians to fund the budget. The Buhari government has increased VAT from 5% to 7.5%, and is said to be planning increase in electricity tariff. There is a proposed communications tax before the National Assembly, which if passed into law, will force Nigerians to be taxed on the calls they make. The government also proposed the finance bill. The situation is grim for Nigerians and the ADP will not accept this.”
