Fromer Vice President Of Nigeria Atiku Abubakar has Slammed The President Muhammadu Buhari on the Mismanagement Of The Of the country’s Revenue and Squandering Of debts.
The PDP presidential Candidate Acclaimed in a statement on Tuesday by his Media Office, said that The Current Federal Government are busy servicing debt, while maintaining that “Debt servicing does not equate to debt repayment.”
He also stated that Nigeria cannot be on the verge of economic ruin, while still maintaining a Presidential Air Fleet that has more planes than the Presidential fleets of those it takes loans from.
He added that Too much debt may Cause creditors foreclosing on us, as has occurred in Sri Lanka and the Maldives.”
Atiku Statement Reads:
“We are at a precipice. If our revenue figures do not go up, and go up quickly, Nigeria risks a situation where our revenue cannot even sustain our debt servicing obligations. Meaning that we may become insolvent, and our creditors may foreclose on us, as has occurred in Sri Lanka and the Maldives.”
“Not only have we squandered our opportunities, but we have also squandered the opportunities of our future generations by bequeathing them a debt that they neither incurred nor enjoyed.
As a matter of utmost urgency and importance, I call on the Federal Government to take immediate steps to drastically reduce its expenditure, especially on wasteful projects, such as maintenance of the Presidential Air Fleet, and unnecessary renovations of buildings that could serve as is, limousine fleet for top government officials, overseas travels and treatments, and the ₦4.6billion Presidential villa maintenance budget, etc.
“We cannot be on the verge of economic ruin, while still maintaining a Presidential Air Fleet that has more planes than the Presidential fleets of those from whom we take these loans. Nigeria must sell those planes and channel the revenue to other vital areas of need while taking additional steps to reduce the cost of running our government.
“Our debt to revenue ratio paints a much more realistic portrait of our financial situation, especially as our revenues are majorly tied to a mono-product, oil and gas, which are very vulnerable to global shocks.
“Again, I warn that Nigeria is facing a crisis, and we cannot continue to keep up appearances by taking out more loans to prop up our economy. That will amount not just to robbing Peter to pay Paul, but to robbing our children to pay for our greed!” He added.
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