TRACKING___Former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank has expressed concern over the debt profile of the country since the inception of the President Muhammadu Buhari led administration.
Frank in a statement ahead of the 5th anniversary of the President Muhammadu Buhari led administration argued that it would take Nigeria another hundred years to repay and recover from the loans amassed by the present administration.
Noting that the nation’s progress is presently on a freeze and can only return to normal mode of development after Buhari’s tenure, he claimed that there was nothing on ground to justify the level of indebtedness of the country.
He said Nigerians must brace up for further economic and social torments ahead in the next three years.
Lamenting that Buhari has continued to lead the country and its yet unborn citizens into the abyss of debt and slavery, Frank said: “Today marks the fifth year of the Buhari’s regime in power, yet, Nigerians have not recovered from his ruinous ways of the dummy sold to them prior to the 2015 presidential elections.
“Buhari is not only the most incompetent Nigerian leader but the most unprepared for the nation’s exalted office of President.
“Notwithstanding his half-baked polices like the single treasury account, closure of borders and playing patron to deadly and bloodthirsty herdsmen, his incapacity to comprehend the workings of modern economy is legendary.
“In 2016 alone, over five million Nigerians lost their jobs when he plunged the country into an unwarranted recession.
“Besides, the worsening insecurity across the country, he has not deemed it to change the leadership of the armed forces purposely selected from a section of the country and religious faith.
“The only legacy Buhari has built in the last five years is an ever increasing debt profile for the country.
“Under Buhari, Nigeria’s debt profile rose from N10.32 billion in June 30, 2015 to 27.4trillion naira as at December 31, 2019.
“Presently, our rubber stamp 9th National Assembly is sealing another $5.513billion external loan for Buhari.
“This is after the same National Assembly hurriedly repurposed N850 billion external loan to be sourced by Buhari from the local capital markets in May 2019.
“Already, over a quarter of Nigeria’s N10.51 trillion revised 2020 budget, that is N3trillion has been earmarked for debt service, which far exceeds the N2.23trillion meant for capital expenditure.”
“This clearly shows that Buhari’s only Next Level Agenda has been to lead the country into bondage through unmitigated borrowing from multilateral lending institutions like the World Bank, IMF, AfDB, Islamic Development Bank and the China EXIM Bank, among others,
“With all these, one of Buhari’s hirelings claims that ‘we are glad’ the retired General ‘came our way’ in 2015. What do you expect?
“I believe that Nigeria will be free from this burden one day. All it would take is for Nigerians to put on their thinking caps and elect a leader who will lead them out of Egypt and not one that would further increase their heavy yoke.
“Today Nigerians are celebrating five years of poverty, hardship, sickness, joblessness, rising inflation, drowning economy and debt slavery courtesy of Buhari.”
