Economy In Shambles: “Stop Lying To Nigerians”, PDP Berates FG…Says Atiku Was Correct

June 17, 2020

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The Peoples Democratic Party (PDP) berates the Federal Government over

attempts to hoodwink Nigerians by concealing officially documented data

on debts and the alarming state of the nation’s economy.

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Our party insists that it is public knowledge that our nation’s economy

has been mismanaged arising from excessive borrowings by the President

Muhammadu Buhari’s administration.

The PDP described as scandalous, disgraceful and highly irresponsible

that the Buhari-led administration attempted to disprove already known

facts, as presented by former Vice President Atiku Abubakar, that our

nation’s debt profile, under the Buhari administration, has risen to 99

percent of the revenue profile in the first quarter of 2020.

It is reprehensible that the Federal Government, through the Minister of

Information and Culture, Alhaji Lai Mohammed, would deny that its first

quarter 2020 financial report stated that Federal Government’s retained

revenue stood at N950.56 billion, while the total debt services was

N943.12 billion.

In his denial, the minister forgot that the Medium Term Expenditure

Framework and Fiscal Strategy document from the Federal Ministry of

Finance, Budget and National Planning which showed the figures was

already in the public domain.

For the avoidance of doubt, tables 3.4 and 4.3 of the report

respectively, state that, “as at end of March 2020, FGN’s retained

revenue was N950.56 billion”, and that “of the expenditure, N943.12

billion was for debt service”.

The PDP invites Nigerians to note how the response by the Federal

Government to issues raised by Atiku Abubakar has further exposed the

falsehood and concealments inherent in the APC administration and why

our nation’s economy has been in a dire strait.

The fact is that the Buhari administration has destroyed our economy

with accumulation of debts to the extent that the debt profile has risen

to 99 percent of our retained revenue. No amount of whitewash by the

Minister of Information can distort this fact.

It is equally inexcusable for the minister to claim that the debts taken

by the administration was meant to address the poverty it brought to our

nation, when it cannot point to any tangible project it had done in any

critical sector apart from turning our nation into the poverty capital

of the world.

It is therefore clear that with the prevailing situation and the refusal

by the Buhari-led Federal Government to take responsibility for its

actions, our economy is heading towards the brinks.

The PDP counsels the Buhari administration to desist from its denials

and take responsibility for the economic crisis and debt burden it has

plunged our nation into. The earlier they wake up and begin to think of

what legacy their eight years in office will be remembered for, the


It will be unpardonable, if after eight years, all that Nigerians will

remember the Buhari administration for is a basketful of morsels of

lies, huge debts, humongous corruption, escalated bloodletting, hunger,

starvation and awful living conditions that were unknown to Nigerians in

our national history.


Kola Ologbondiyan

National Publicity Secretary

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