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APC government is dressing Nigeria in borrowed robes – Atiku

Atiku Abubakar

APC government is dressing Nigeria in borrowed robes – Atiku

Former Vice President of Nigeria and Presidential flag bearer of the People’s Democratic Party (PDP) in the 2023 general elections, Alhaji Atiku Abubakar has accused the federal government under the All Progressives Congress (APC) of dressing Nigeria in borrowed robes.

Delivering an address at an event organized by the Lagos Chamber of Commerce on Tuesday, Atiku said Nigeria under the APC-led government has consistently run on budget deficits since it came to power in 2015.

These budget deficits, according to the former vice president, are often above the 3% threshold permissible under the Fiscal Responsibility Law. He said this has ironically, increased the government’s appetite for more debts- now more than N50 trillion.

In his words, “For the first time in Nigeria’s history, the FGN paid more in debt service than it earned! By spending more than 100% of its revenue on debt service, Nigeria is breaching one of the applicable debt-sustainability thresholds. The APC-led government is dressing Nigeria in borrowed robes!

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“This action puts a big question mark on the capacity of the government to manage its rising debt profile without endangering macroeconomic stability. Indeed, we are concerned that this action is already exposing Nigeria to financial stability issues as we slip from a medium risk of debt distress to a high risk of debt distress.”

Atiku further noted that policy incoherence and flip-flops combined with internal insecurity continue to pose a significant investment risk and thus output growth, adding that the APC-led government has left potential investors confused and weary of the Nigerian economy.

According to the presidential hopeful, Foreign Direct Investment (FDI) has progressively declined since 2019 as it fell sharply from US$8.5 billion in Q1 2019 to US$5.8 billion in Q1 2020 and US$1.9 billion in Q1 2021.

Speaking on his vision to get the economy on its feet and create prosperity, Atiku said his economic growth and development agenda envisions an economy that is modern, dynamic, and competitive, capable of taking its rightful place among the top 20 economies of the world, adding that Nigeria has the potential to double its GDP by 2030 and achieve a per capita income of approximately US$5,000.

APC government is dressing Nigeria in borrowed robes – Atiku

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