The All Progressives Congress (APC) is not credible enough to talk about debt management in Delta State, according to the Peoples Democratic Party (PDP) in Delta State on Monday.
It stated that the national debt stock had increased from approximately N7 trillion during the 16 years of the PDP administration to over N90 trillion during the last eight years, under the direction of the All Progressives Congress (APC)-led federal government. As a result, 97% of Nigeria’s national revenue was allocated to debt servicing, which in turn resulted in lower revenue allocations to States and Local Governments.
The PDP made this claim in response to what it called the Delta State Chapter of the APC’s “misguided propaganda” that attempted to deceive the public about the debt management initiatives being carried out by Governor Sheriff Oborevwori’s government.
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,” according to a statement released by the PDP’s State chapter and signed by Mr. Dan Ossai, its secretary.
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% 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 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,” according to a statement released by the PDP’s State chapter and signed by Mr. Dan Ossai, its secretary.
“The situation was further worsened by its poor fiscal and monetary policies which steadily and increasingly devalued the Naira and posed inflationary difficulties across all sectors and segments of the nation.”
