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Atiku Blames Buhari's TRADERMONI As Nigeria Records N560 Billion Debt Increase In 3 Months


July. 11, 2019

Former Vice-President Atiku Abubakar says the latest increase in the country's debt profile by N560 billion within three months should alarm everyone, warning that Nigeria may very soon “collapse under unsustainable debt”.
The PDP presidential flagbearer blamed the Buhari-led administration's Tradermoni policy for the debt surge.
Tradermoni is loan programme of the federal government for artisans and petty traders. It is coordinated by the office of Vice-President Yemi Osinbajo.
Atiku was reacting to the figures published on Wednesday by the Debt Management Office (DMO) in which the agency pointed out that Nigeria's total debt stock as of March 31, 2019, stood at N24.9 trillion compared to the N24.3 trillion as of December 31, 2018, indicating a N560 billion increase within three months.
Atiku, speaking through Paul Ibe, his spokesman, attributed the increasing debt to four years of “profligate spending” and “irresponsible borrowing.”
“What could this junta have needed that amount for?” he asked, adding that the dates covered by the latest debt figure “fall on the period of electioneering, when monies were freely distributed by officials of this government in the name of Tradermoni and other election gimmicks that were discontinued after the election.”
He said it is inconceivable that Nigeria could have had such “unprecedented borrowings” amidst “unimaginable sorrowing” among citizens.
He said this is responsible for Nigeria’s emergence as the world capital of extreme poverty as well as the high rate of out-of-school children in the country.
“As someone who headed the National Economic Council that paid off Nigeria’s entire debt under the visionary leadership of President Olusegun Obasanjo, Atiku Abubakar has the moral authority to call those who are turning Nigeria into a beggar nation to halt the drift into unsustainable borrowing,” the statement added.
“We cannot continue to borrow to pay salaries and support luxuries. Already, over 50% of our revenue is going towards debt servicing, not even debt repayments.
“We raise this alarm as responsible citizens and call on other lovers of Nigeria to speak up as we have no other nation to call our home, but Nigeria.”
Presidency has yet to respond to Atiku's statement.
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