The Peoples Democratic Party has said comments by the Chairman, Economic Advisory Council, Doyin Salami, on the country’s rising debt profile is a validation of its position on the government.
The party made its position known in a statement by its National Publicity Secretary, Kola Ologbondiyan, on Thursday.
The party said Salami comments was a validation of its stance that the government has mortgaged the country to foreign interests.
It noted that it was disheartening that the All Progressives Congress-led Federal Government cannot point to any legacy project it has financed with the loans.
It said: “Dr. Salami’s revelation only validates apprehensions that President Buhari, who is still borrowing more money, is completely disconnected from his economic team, while the corrupt cabal in his Presidency has taken advantage of the situation to pillage the vaults.
“It is distressing that despite the already terrifying situation, and with the further depreciation of our naira to N570 to a dollar, President Buhari is moving to take a fresh N2.66 trillion ($4 billion and €710 million) external loan, for very opaque purposes.
“More frightening is the revelation by EAC that the nation’s debt stock might soon hit N45 trillion.
“This is especially as rather than developing strategies to create wealth to run its affairs and repay the loans it collected, the incompetent, lethargic and corrupt Buhari administration is only resorting to more loans in a reckless fashion.
“This position is corroborated by Dr. Salami’s report that Federal Government expenditure had been ‘on the increase and at a faster pace’ even when there are no projects on ground to justify such astronomical increase.”