The opposition Peoples Democratic Party (PDP) has accused Vice President Yemi Osinbajo of bandying figures about the nation’s debt profile that are far from being accurate.
The Vice President had at a lecture in Ibadan recently said the Buhari-led administration inherited a debt of $63 billion saying it had only borrowed $10 billion since it took office in 2015.
The party said in the desperation to divert attention from the “failures” of President Muhammadu Buhari administration, Osinbajo falsified financial templates recently to argue that this government has no blame in the accumulation of debts under its watch.
Addressing a press conference at the party’s national secretariat on Tuesday, National Publicity Secretary of the party, Kola Ologbondiyan said: “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 Vice President forgot the Nigerians are aware that between 2016 to 2017, under President Buhari, our annual borrowing was about N3.7 trillion as against the N1.04 trillion annual borrowing parameter between 2008 to 2015. Between 1999 to 2007, the annual borrowing parameter was as low as N96 billion naira.
“To deceive the public and divert attention to the alarming borrowing spree of the Buhari administration, the APC-led federal government 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. This is a deceptive picture because domestic debt was accumulated in naira and not in dollar.
“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.”