PDP tackles Osinbajo, says Buhari administration has accumulated more debts than any other administration

The Peoples Democratic Party(PDP) has said that vice president Yemi Osinbajo has deliberately distorted facts concerning Nigeria’s debt profile under the current administration.

In a statement entitled ‘Osinbajo’s Distortion On Debt Profil’ by the PDP on Thursday, it said the aim of fact distortion by the VP, is to hide the failure of president Muhammadu Buhari.

In the statement signed by its National publicity secretary, Kola Ologbondiyan, the party accused the president government of borrowing more money that any previous Nigerian government.

See full statement below

Peoples Democratic Party(PDP) also wishes to bring to the attention of Nigerians to the deliberate distortion of facts by Vice President Yemi Osinbajo regarding the nation’s debt profile, which escalated to a frightening proportion under the Muhammadu Buhari administration.

In the desperation to divert attention from the failures of the Buhari administration, VP Osinbajo falsified financial templates to argue that this government has no blame in the accumulation of debts under its watch.

It is an incontrovertible fact that the Buhari administration has accumulated more debts that any other administration in the history of our nation.

Our dear VP forgot that Nigerians are aware that between 2016 to 2017, under Buhari, our annual borrowing was about N3.7t as against the N1.04t annual borrowing perimeter between 2008 to 2015. Between 1999 to 2007 the annual borrowing perimeter was as low as N96b.

To deceive the public and divert attention to the alarming borrowing spree of Buhari administration, the APC-led FG converted domestic debt borrowed in naira under its watch, to the US dollar so that the very high exchange rate will make the domestic debt look smaller in dollars.

It is important to point out that the domestic debts of states were not part of the data base until 2013. Therefore, a sincere comparison of debts over the years should have focused on total external debt and Federal Government’s domestic debt.

In view of the above, if VP Osinbajo, a professor of law was not being economical with the truth, the appropriate comparison should be to have the domestic debt in naira and convert the external debt to naira to get national debt for each of the years which show that the Buhari administration has accumulated more debts than any other administration.

An appropriate comparison will further show that the annual growth rate of public debt was only 0.44 percent under the Olusegun Obasanjo administration, 2014 percent under the Yar’Adua and Jonathan administration and 29.6 percent under President Buhari.

We therefore charge the Vice President to refrain from bandying figures that he cannot substantiate, in an attempt to score cheap political point. Nigerians have moved beyond the lies, deception, propaganda and beguilement of the APC.

…It amounts to a huge disservice to our nation if a person of such high office of the Vice President will allow himself to be used to distort figures to deceive Nigerians.

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