The Peoples Democratic Party (PDP) on Monday slammed the All Progressives Congress (APC) and the Vice President-elect, Professor Yemi Osinbajo, for misleading Nigerians by churning out incorrect figures about Nigeria’s debt profile.
In a statement issued by PDP’s National Publicity Secretary, Olisa Metuh on issue, the party criticised the Vice President-elect for failing to be bold and honest enough to also inform the nation that the bulk of the $63.7 billion debt was incurred by APC states.
Osinbajo had recently stated that the country owed above $60 billion. Though he did not break down the figure, he simply said it was part of the challenges the incoming administration was looking at.
“It is indeed unfortunate that the Vice-President-elect who has the details of the debt stock chose to be economical with the truth and to mislead Nigerians just to discredit the current PDP-led administration and rationalise APC’s unpreparedness for governance,” Metuh said.
The Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, on Sunday explained that the debt had been piling up since 1960, but her explanation provoked more questions from Nigerians who wanted to know what happened to the debt cancellation she embarked upon during the administration of former President Olusegun Obasanjo.
Reiterating Okonjo-Iweala’s explanation, the PDP said: “Prof. Osinbajo is aware that the $63.7 billion is made up of external and domestic debts belonging not only to the Federal Government but to federal and state governments that has been accumulating since the 1960s, yet he deliberately misrepresented the facts to give the unsuspecting public the impression that the amount was exclusively incurred by the current Federal Government.
“Perhaps the Vice President-elect avoided the details so as not to expose the fact that the APC controlled Lagos state has the highest external debt stock of $1,169, billion as well as the highest domestic debt stock of N278, 867 billion.
“Furthermore we find it unacceptable and unstatesmanly for the Vice President-elect to attempt to mislead Nigerians into believing that the total federal debt component was accumulated under the President Goodluck Jonathan-led administration, when it is on record that a greater chunk of the amount was inherited.”
Metuh added that it was also on record that part of the contemporary borrowing from the domestic bond market was occasioned by the global economic and financial crisis as well as the downturn in crude oil revenue, which adversely affected other economies of the world.
Berating the in-coming administration for dwelling on excuses and reneging on campaign promises, the PDP wondered if the APC and the President-elect, General Muhammadu Buhari, did not know about the economic challenges caused by the dwindling oil revenues before making their bogus promises to Nigerians.
“The APC must fulfill its promises for which Nigerians voted for them. Were they not aware of the debt stock and the dwindling oil revenues before making their huge promises to the people?
“Were the promises only intended as carrots to mislead the people and deceitfully win their votes after which they are dumped?” Metuh queried.
He warned the in-coming administration to stop contriving excuses and understand that Nigerians expect nothing short of the fulfillment of its campaign promises in its four years rule, especially given that the solid foundation for wealth creation has already been laid by the PDP, which also remained truthful and honest in making promises to the people during the campaigns.
“Come June ending, the APC must be ready to commence in a very transparent manner, the payment of monthly N5,000 to 25 million poor Nigerians from across the country, monthly allowances for discharged but yet to be employed youth corps members as well as commence delivery of free meals to school children among other promises,” Metuh said.
