APC states have the biggest debts, says PDP

The Peoples Democratic Party (PDP) says Vice president-elect Yemi Osinbajo misrepresented facts regarding the nation’s economy particularly, the correct status of the government’s debt stock when he said the incoming Buhari administration would inherit a debt of $60 billion.

Maintaining that APc-controlled states were even the biggest debtors, PDP, in a statement issued on Monday by Olisa Metuh, its national publicity secretary, “criticised the vice president-elect for failing to be bold and honest enough to also inform the nation that the bulk of the $63.7 billion debt was incurred by All Progressives Congress’ states.

“It is indeed unfortunate that the vice president-elect, who has the details of the debt stock, chose to be economical with the truth and to mislead Nigerians just to discredit the current PDP-led administration and rationalise APC’s unpreparedness for governance,” the party said.

“Prof Osinbajo is aware that the $63.7 billion is made up of external and domestic debts belonging not only to the federal government but to federal and state governments and accumulating since the 1960s, yet he deliberately misrepresented the facts to give the unsuspecting public the impression that the amount was exclusively incurred by the current Federal Government.

“Perhaps the vice president-elect avoided the details so as not to expose the fact that the APC-controlled Lagos state has both the highest external debt stock of $1,169, billion as well as the highest domestic debt stock of N278, 867 billion.

“Furthermore, we find it unacceptable and unstatesmanly for the vice president-elect to attempt to mislead Nigerians into believing that the total federal debt component was accumulated under the President Goodluck Jonathan-led administration, when it is on record that a greater chunk of the amount was inherited.”

PDP argued that it was also on the record that part of the contemporary borrowing from the domestic bond market was occasioned by the global economic and financial crisis, as well as the downturn in crude oil revenue, which adversely affected other economies of the world.

Berating the in-coming administration for dwelling on excuses and reneging on campaign promises, the PDP wondered “if the APC and President-elect Muhammadu Buhari did not know about the economic challenges caused by the dwindling oil revenues before making their bogus promises to Nigerians”.

“The APC must fulfill its promises for which Nigerians voted for them. Were they not aware of the debt stock and the dwindling oil revenues before making their huge promises to the people? Were the promises only intended as carrots to mislead the people and deceitfully win their votes after which they are dumped?” the party asked.

“The in-coming administration should stop contriving excuses and understand that Nigerians expect nothing short of the fulfillment of its campaign promises in its four years rule, especially given the fact that solid foundation for wealth creation had already been laid by the PDP, which also remained truthful and honest in making promises to the people during the campaigns.

“Come June ending, the APC must be ready to commence in a very transparent manner, the payment of monthly N5,000 to 25 million poor Nigerians from across the country, monthly allowances for discharged but yet to be employed youth corps members, as well as commence delivery of free meals to school children among other promises.”