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PRP decries Nigeria’s rising debt profile

By Igho Akeregha and Adamu Abuh, Abuja
04 December 2019   |   4:14 am
Peoples Redemption Party (PRP) has decried the astronomical rise in the country’s debt profile.

PRP’s national chairman, Mr. Falalu Bello

Urges Buhari to fulfil promise on forex subsidy, governance cost
Peoples Redemption Party (PRP) has decried the astronomical rise in the country’s debt profile.

The opposition’s position was coming barely a week after President Muhammadu Buhari asked the National Assembly to approve an additional $29.96 billion of foreign loan tied to infrastructure and other projects.

PRP’s national chairman, Mr. Falalu Bello, who addressed reporters in Abuja yesterday, described the rising debt profile of the President Buhari-led All Progressives Congress (APC) administration as unacceptable.

The party chief said it was unfortunate that the country’s debt exposure had spiralled to about $84 billion as against the $10 billion the APC government inherited from Goodluck Jonathan of the Peoples Democratic Party (PDP) in 2015.

According to him, that there is hardly anything on the ground to show for the staggering debt profile.

He noted: “This irresponsible profligacy must stop before our country and its present and future generations become indentured slaves.

“Already, debt servicing is costing us almost half the Budget with nothing left for development.”

Bello enjoined Buhari to live up to his campaign promises, which included the fraud associated with fuel subsidy and reduction of the presidential fleet, cutting the budget of the presidency to reduce the unnecessary and over-bloated cost of governance in the country.

He particularly urged the president to implement, in whole or in part, the Oronsanye Report to achieve the objective, just as he faulted the proposed increase in the value added tax (VAT) from five per cent to 7.5 per cent.

The party added: “We urge the Federal Government to stop the foreign exchange (forex) subsidy that benefits only a very few at the expense of the nation.

“The president should order the merger of these rates to increase revenues to the three tiers of government and eliminate the arbitrage benefitting only the corrupt in the system.”