Atiku Laments Mounting National Debts

3

Nigeria’s former vice president, Alhaji Atiku Abubakar, has again given notice that Nigeria is in dire financial crisis under the Muhammadu Buhari administration.

Atiku stated this in an article he wrote on LinkedIn on Tuesday, June 16.

He was reacting to the report that shows where Nigeria spent a total sum of ₦943.12 billion in debt servicing, the federal government’s retained revenue for the same period was only ₦950.56 billion, meaning Nigeria’s debt to revenue ratio is now 99%.

“No one should be deceived. This is a crisis! Debt servicing does not equate to debt repayment. The reality is that Nigeria is paying only the minimum payment to cover our interest charges. The principal remains untouched and is possibly growing,” he lamented.

He further said: “Not only have we squandered our opportunities, we have also squandered the opportunities of our future generations by bequeathing them a debt that they neither incurred nor enjoyed.

“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!”

An analysis picture of Nigeria’s indebtedness shows a huge and depressing magnitude, structure and evolution of the country’s debt.

The response of the Nigerian government to the crisis has also been far from impressive.

Financial experts say the International Monetary Fund, World Bank and the Western world, in general, should be blamed for collaborating with some Nigeria leaders in making the country indebted.

And that the Nigerian masses needed reparation for the losses, pains and sufferings they have passed through in the hands of a terribly inept government.

Comments are closed.