The Peoples Democratic Party (PDP), has cautioned against what they described as reckless borrowing spree, that the federal government has alleged to have embarked on in the last four years.
It stated this on Monday in a statement signed by its National Publicity Secretary, Kola Olagbodiyan, amid news of reports of the nation’s debt said to have ballooned to N24.38 trillion from N12.12 trillion it was in 2015.
The PDP alleged that since President Muhammadu Buhari assumed office in 2015 there had been unexplained borrowings leading to a rise in the debt profile from N17.5tn in 2016 to N21.72tn in 2017 and N24.387tn in 2018.
“It is shocking and completely insupportable that our nation’s debt rose from N21.72tn in December 2017 to N24.387tn in December 2018, showing an accumulation of a whopping N2.66tn in a space of one year.
“The Muhammadu Buhari administration, therefore, has a huge explanation to make to Nigerians for its borrowing spree, especially as it cannot point to any meaningful development project the borrowed money was invested in”.
Ologbondiyan urged the National Assembly to commence an investigation into the borrowings, particularly the terms and the handling of the money.
He also said the National Assembly should stop the Federal Government from borrowing more money until it explained the terms and handling of the money already borrowed