Former Vice President Atiku Abubakar has queried why the federal government should spend N2.5 trillion on debt servicing alone.
Atiku, who was the presidential candidate of the Peoples Democratic Party (PDP) in the last general election, also raised the alarm over the nation’s rising debt profile, stating that Nigeria cannot survive with the increasing debt under the Buhari administration.
According to data from the Debt Management Office (DMO), Nigeria’s debt grew to N24.947 trillion in the first quarter of 2019, representing a marginal increase of N560 billion or 2.3 per cent.
This contrasts with the figure of N24.387 trillion posted as at December 2018.
Also, Nigeria’s external debt increased by N101.646 billion within the first three months of the year.
Atiku, in a statement yesterday in Abuja, expressed concerns about the rate at which the nation’s debt was increasing.
He wondered how Nigeria as a nation doubled its debt profile within four years.
He said the situation, if unchecked, would lead to enslaving the future generations and the eventual collapse of the economy.
SC
