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FG borrowed N16tr in four years with nothing to show, says Galadima

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A chieftain of the Peoples Democratic Party (PDP) Buba Galadima has alleged that the All Progressives Congress (APC)-led government borrowed N16tr in the last four years with nothing to show for it in the country.

Speaking with The Guardian in Abuja yesterday, Galadima, a staunch critic of President Muhammadu Buhari, said the present administration has borrowed more than all Nigeria’s former leaders put together from Lord Lugard to former President Goodluck Jonathan.

He noted that the present crop of leaders have no capacity to manage any project worth $1b not to talk of $30b they are planning to borrow, saying the money would be shared.

Daladima dared Nigerians to show him any project worth N100m that was done in their domains to the benefit of the people, adding, “Yet we borrowed N16tr and these guys have the guts to call other people thieves.

“Do you need a better thief than they? They have no capacity to even manage any project in the next four years worth $1b let alone $30b. So, the money will be shared and they will leave our children and grand children with the debts.”

On whether the 2020 budget with a deficit of over N2b could salvage the situation, he said the APC admitted being incapacitated from executing the budgets because they were not being passed on time.

“Now that the 2020 budget has been signed on time, nearly one month has passed and nothing is happening to show that there is a budget on ground and that they are hitting the ground running. Forget about this government doing anything positive.”

On what the recent finance bill portends, he said it would only engender more hardship for Nigerians, adding, “They are robbing Peter to pay Paul. They are robbing the common man to give more money to the rich. They are just bent on sharing our commonwealth.

“There is no economic activity in the country, so if they intend to steal by raising value added tax (VAT) from 5 per cent to 7.5 per cent, they are even wrong because in the first place, there is no economic activity at all.

“Do you know that those who want to export refined commodities from Nigeria cannot do so because they have to pay bribe of N200, 000 per 40ft container before it gets into the ship?

He lamented that after paying such huge amount, it took over two or three months and all the containers would still be lying on Lagos streets.


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