$63bn Debt Stock: PDP Slams APC, Osinbajo For ‘Misleading’ Nigerians

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olisa metuhThe Peoples Democratic Party, PDP, has criticized the Vice President-elect, Prof. Yemi Osinbajo (SAN), for failing to be bold and honest enough to inform Nigerians that the bulk of the $63.7 billion debt he accused the outgoing President Goodluck Jonathan administration of leaving behind was incurred by All Progressives Congress states.

In a statement on Monday by its National Publicity Secretary, Olisa Metuh, PDP expressed disappointment that the vice president-elect, who it claimed has details of the debt stock, chose to be economical with the truth and mislead Nigerians just to discredit the current PDP-led administration and rationalize APC’s unpreparedness for governance.

“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 and 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 both 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”, the statement said.

The party said 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.

Faulting the in-coming administration for dwelling on excuses and reneging on campaign promises, Metuh wondered if the APC and the President-elect, General Muhammadu Buhari (retd.) 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?” the PDP queried.

The party, therefore, advised the in-coming administration to stop coming up with 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.

The PDP said “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”.

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  1. If olisa Metuh feels that the VP elect was being economical with the truth because he failed to give the details of the $63 billion debt profile the outgoing government handed over, why can’t he help the incoming VP by giving the breakdown-foreign, federal including its agencies, the 36 States and FCT, components of the debts owed by past governments from Macpherson’s time etc. It seems Metuh is more economical with the truth by citing Lagos State only. How am I going to be convinced that Lagos is the biggest debtor when I don’t have facts on all other debtors. He who goes to equity must do so with clean hands

  2. I was expecting a total break down of the debt owed which was what d vp elect failed to do. Since this guy here is making an accusation, I expected he wld have given us d complete break down so we can better understand how the debt was incurred by APC states


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