APC states incurred bulk of $63bn debt – PDP

PDP National Publicity Secretary, Mr. Olisa Metuh
| credits: File copy

The Peoples Democratic Party on Monday said Vice President-elect, Prof. Yemi Osinbajo, misrepresented facts on the state of the nation’s economy.

The party specifically faulted Osinbajo’s claims on the correct status of the nation’s government debt stock.

It alleged that the misinterpretation was part of a ploy by the in-coming All Progressives Congress administration, to discredit the PDP.

This was contained in a statement signed by the PDP National Publicity Secretary, Chief Olisa Metuh.

Metuh criticised the Vice President-elect for failing to be bold and honest enough to also inform the nation that the bulk of the $63.7bn debt was incurred by the APC states.

He said, “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 the APC’s unpreparedness for governance.

“Prof. Osinbajo is aware that the $63.7bn 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 the highest external debt stock of $1.169bn as well as the highest domestic debt stock of N278.867bn.”

The PDP further stated that it finds it unacceptable and un-statesmanlike 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.”

According to the PDP, it is also on 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.

The party berating the in-coming administration for dwelling on excuses and reneging on campaign promises, the PDP wondered if the APC and the 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 PDP queried.

The party said 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 that the solid foundation for wealth creation has already been laid by the PDP, which also remained truthful and honest in making promises to the people during the campaigns.