You lack credibility to discuss debt mgt, Delta PDP tells APC
THE Peoples Democratic Party, PDP, in Delta State, yesterday, said the All Progressives Congress, APC, lacked the credibility to discuss debt management in the state.
It said the APC-led Federal Government “has presided over heavy and reckless borrowing, escalating the national debt stock from about N7 trillion after the 16 years of the PDP governance, to over N90 trillion under its eight years, leading to a situation in which 97 per cent of Nigeria’s national revenue was devoted to debt servicing and the attendant reduced revenue allocations to states and local governments.”
The PDP, stated this while reacting to what it described as the “misguided propaganda” by the Delta State Chapter of the APC, to misinform the public on the debt management measures being undertaken by the administration of Governor Sheriff Oborevwori.
The state chapter of the PDP, in a statement by its Secretary, Mr. Dan Ossai, said the APC “merely tried to disinform the public by attempting to play down the significance of Governor Oborevwori’s act of responsibility in reducing the debt profile of the state to ensure greater financial stability and sounder economic health.”
Reiterating that Oborevwori was determined to manage Delta into a debt-free state, the statement said the governor “has saved over N205 billion through financial efficiency and gone on to reduce the state debt profile by N180 billion. It is these achievements in the financial management of the state that the APC is quarreling with.
“But see why we will not bother about their charade: They want the state to be run the way APC has misrun the national economy since 2015, in which through their reckless borrowings they led Nigeria into servicing its debts hanging with over 97 percent of its national revenue, and borrowing evermore in the attempt to sustain the economy on borrowed life wire, while actually crashing it. God forbid that to happen in Delta.”
The statement added that APC failed woefully in managing the crude oil production capacity of the nation “which it brought from over two million barrels per day to a low of about one million BPD.
