The opposition Peoples Democratic Party (PDP) has attributed Nigeria’s ₦22 trillion debt burden on corruption and poor understanding of the global economy by the President Muhammadu Buhari-led administration.

In a statement issued on Thursday by its National Publicity Secretary, Kola Ologbondiyan, the party insisted that if President Buhari heeded wise counsel from PDP to allow competent hands to manage the nation’s economy, the nation would not have been in its current embarrassing economic situation.

“Since President Buhari assumed office and took control of our once robust economy, his administration has not been able to articulate any germane policy to sustain, let alone, grow the economy, but, had instead, resorted to borrowing, while allowing his cronies and APC leaders to fritter away trillions of naira earned by the nation in the last three years,” the statement said.

The party wondered why the current administration would not accumulate such huge debts when it had continued to cover up corrupt practices under its watch, noting that the alleged ₦9 trillion underhand oil contracts in the Nigerian National Petroleum Corporation (NNPC) and Ministry of Petroleum Resources as well as the alleged illegal lifting of crude oil worth ₦1.1 trillion by 18 unregistered companies to service some special interests contributed to the embarrassing situation.


“Moreover, the Buhari presidency has refused to explain the whereabouts of trillions of naira in unremitted oil revenue, resulting in the deadlock at the Federal Accounts Allocation Committee (FAAC).

“If these monies were properly accounted for and utilized, Nigeria will not be in this dire economic situation, which has brought hunger and starvation on Nigerians and rendered millions of compatriots jobless, while President Buhari and his officials live in affluence,” it added.

While recalling the various red flags that had been raised by international agencies, including Transparency International and the World Bank on the poor management of the nation’s economy, the PDP regretted the violation of bureaucratic rules in various sectors of the country’s economy by the current administration.

The party further alleged that since President Buhari intensified his re-election bid, there has been huge dearth in investment inflow, further depreciation of the naira and a dangerous slide in the capital market, which they said signaled that the country would continue to face perilous times as long as Buhari remained in the saddle.

The party therefore urged President Buhari to take full responsibility for the escalated debt, stop offering excuses and get ready to accept defeat and quit the stage in 2019, so that more competent Nigerians can revamp the economy.