President Muhammadu Buhari’s administration has come under attack over Nigeria’s debt profile.
This is as Reno Omokri, former aide to ex-president Goodluck Jonathan, on Wednesday condemned Buhari’s government over increasing foreign debt in the last four years.
Omokri told the government to rather borrow ‘wisdom’ in its remaining years in power rather than more money.
The former presidential aide on his Twitter page wrote: “In 2020, instead of Nigeria’s leaders to borrow $29.6 billion, what they should borrow is WISDOM.
“In the last 4 years, this administration has tripled our foreign debt by borrowing more than in the last 30 years COMBINED. Borrow sense not money.”
However, the Federal Government assured Nigerians that there is no cause for alarm over the country’s debt profile both domestic and external as being speculated by scaremongers.
The Minister of Information and Culture, Alhaji Lai Mohammed said there were misrepresentations in the figures being pushed out in certain quarters about the debt profile, adding that the country had not reached its debt ceiling of 25 per cent in total public debt stock to Gross Domestic Product (GDP).
The minister said figures of debt profile were being misrepresented, adding that Nigeria had a debt ceiling of 25 per cent in the total public debt stock to Gross Domestic Product (Debt/GDP), which it had operated within.
He said the ratio for Dec. 31, 2018 and June 30, 2019 were 19.09 per cent and 18.99 per cent respectively.
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