- Claims between December 2018 and March 2019, the president incurred unprecedented ₦560 billion debt
Atiku Abubakar, former Vice President of Nigeria, has raised the alarm over the country's N25.6 trillion debt which he describes as unsustainable.
Atiku, who was the presidential candidate of the Peoples Democratic Party (PDP), raised the alarm on Wednesday in a statement.
Atiku said, "After four years of profligate spending, and even more irresponsible borrowing, our national debt doubled to ₦24.3 trillion by December 2018.
“As alarming as this is, what is more troubling is that between December 2018 and March 2019, the administration of General Buhari added an additional and unprecedented ₦560 billion debt to our national debt profile.
“What could this junta have needed that amount for? If you take those dates into account, they fall on the period of electioneering, when monies were freely distributed by officials of this government in the name of Tradermoni and other election gimmicks that were discontinued after the election.
“As someone who headed the National Economic Council that paid off Nigeria’s entire debt under the visionary leadership of President Olusegun Obasanjo, Atiku Abubakar has the moral authority to call those who are turning Nigeria into a beggar nation to halt the drift into unsustainable borrowing.
“We cannot continue to borrow to pay salaries and support luxuries. Already, over 50% of our revenue is going towards debt servicing, not even debt repayments.
“We raise this alarm as responsible citizens and call on other lovers of Nigeria to speak up as we have no other nation to call our home, but Nigeria."