“Quit trading Nigeria’s sovereignty to foreign creditors” -Atiku cautions President Buhari

Former presidential candidate of the Peoples Democratic Party Alhaji Atiku Abubakar, has criticised what he called “needless borrowing” habit of the President Muhammadu Buhari led administration.

Nigeria, Africa’s largest economy’s total public debt rose to $79.5 billion (N28.63 trillion) as of the first quarter of 2020, which is March 31, 2020. This represents a 15% increase from the figure that was recorded for the corresponding period in 2019, which was about $69.09 billion (N24.94 trillion).

Atiku Abubakar has insisted that with the right leadership, Buhari led administration can manage its finances such that it would not require foreign loans to run the country. Between the start of 2015 and December 2020, Nigeria’s external debt profile has risen from $9.7 billion to $27 billion.

Most of these debts were borrowed in the first 4 years of the President Muhammadu Buhari’s administration via multilateral, development, bilateral and commercial loans (Eurobonds and Diaspora bonds).

Nigeria has seen its debt stock rise sharply in recent years as the country tries to fund infrastructural and developmental projects and boost its fragile economy, which has been in and out of recession. The country’s economy has been projected to fall into recession again, due to the adverse impact of COVID-19 that has seen oil prices crash globally

The former vice president has insisted that with the right leadership, the federal government can manage its finances such that it would not require foreign loans to run the country.

Atiku, in a tweet on Friday, claimed that the administration of former president Olusegun Obasanjo, which he was the vice president, “paid off” Nigeria’s entire foreign debt within eight years in office but Buhari and his people continues to borrow.

Between 1999 and 2007, Nigeria paid off her entire foreign debt while maintaining an unprecedented 6% annual GDP growth. Those were periods of national restoration, and I am very proud of the work President Obasanjo and I did for this nation we care so much for. Facts don’t lie.

— Atiku Abubakar (@atiku) October 2, 2020

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Atiku reiterated that “Between 1999 and 2007, Nigeria paid off her entire foreign debt while maintaining an unprecedented 6% annual GDP growth. Those were periods of national restoration, and I am very proud of the work President Obasanjo and I did for this nation we care so much for. Facts don’t lie,” he said.

The 2019 presidential candidate of Peoples Democratic Party (PDP) had in his message to Nigerians on the country’s 60th independence anniversary, on Thursday, cautioned President Buhari against trading Nigeria’s sovereignty to foreign creditors.