LP, PDP, APC, NNPP differ on Nigeria’s N44trn loan

The Peoples Democratic Party (PDP), the All Progressives Congress (APC), the Labour Party (LP) and the New Nigeria Peoples Party (NNPP) have differed on Nigeria’s public debt profile. The parties’ representatives spoke on Wednesday about “Ensuring Transparency in Managing Nigeria’s Foreign Loan” on Focus Nigeria, an AIT programme supported by CEDANAC Resources. Nigeria, as at […]

The Peoples Democratic Party (PDP), the All Progressives Congress (APC), the Labour Party (LP) and the New Nigeria Peoples Party (NNPP) have differed on Nigeria’s public debt profile.

The parties’ representatives spoke on Wednesday about “Ensuring Transparency in Managing Nigeria’s Foreign Loan” on Focus Nigeria, an AIT programme supported by CEDANAC Resources.

Nigeria, as at September, 2022, had a total debt of N44.06trn, with most taken from foreign lenders.

Spokesman of the Atiku/Okowa Presidential Campaign Council, Ehiedu Aniagwu, said the PDP had done a lot of leg work to service the loans through opening of businesses and partnerships with the private sector.

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On his part, the youth spokesman of the Tinubu/Shettima Campaign Council, Aliyu Audu, said there was nothing wrong in borrowing, and that the COVID-19 pandemic made it imperative for any country which wanted to develop to borrow.

He said, “The size of the loan should not be a concern if the GDP ratio is good. Tinubu will ensure that every available avenue is put in place to kick start the infrastructure without much borrowing.”

Also, the spokesman of the Obi-Datti Presidential Campaign Council, Dr Yunusa Tanko, said the other political parties had managed resources without transparency and that his candidate would ensure that Nigeria moved from consumption to production.

He said, “In the last 24 years, both the APC and the PDP mismanaged the revenue generated. They supervise the issue of oil theft. Obi will block leakages, reschedule the loans and manage them transparently.”

On his part, the spokesman of the NNPP, Ambassador Major Agbo, said, “The NNPP government will go into agreement with the creditors on how to pay so that Nigerians do not feel the burden.”