‘We’re robbing our children to pay for our greed’ — Atiku hits Buhari again over Nigeria’s rising debt/ Atiku

Former Vice-President, Atiku Abubakar, has again called out the President Muhammadu Buhari-led administration over the country’s rising debt profile.  

Buhari has come under attacks from several quarters over his knack for external loans.

Joining the fray, Atiku, in an article on Tuesday, said the country’s leadership is gradually endangering future generations with ceaseless borrowings.

According to the Presidential candidate of the Peoples Democratic Party (PDP) during the 2019 general elections, Nigeria risks going the way of Sri Lanka and the Maldives, if its rising debt profile is left unchecked.

He wrote in the article: “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..

“We are at a precipice. If our revenue figures do not go up, and go up quickly, Nigeria risks a situation where our revenue cannot even sustain our debt servicing obligations. Meaning that we may become insolvent, and our creditors may foreclose on us, as has occurred in Sri Lanka and the Maldives.

“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,” he said.

“As a matter of utmost urgency and importance, I call on the Federal Government to take immediate steps to drastically reduce its expenditure, especially on wasteful projects, such as maintenance of the Presidential Air Fleet, and unnecessary renovations of buildings that could serve as is, limousine fleet for top government officials, overseas travels and treatments, and the ₦4.6billion Presidential villa maintenance budget, etc.

“We cannot be on the verge of economic ruin, while still maintaining a Presidential Air Fleet that has more planes than the Presidential fleets of those from whom we take these loans. Nigeria must sell those planes and channel the revenue to other vital areas of need while taking additional steps to reduce the cost of running our government.”

Atiku said it is unfortunate that the numerous loans taken by the current administration have not impacted the country’s economy in any positive way.

He continued: “Our debt to revenue ratio paints a much more realistic portrait of our financial situation, especially as our revenues are majorly tied to a mono-product, oil and gas, which are very vulnerable to global shocks.

“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!”