Atiku to Adamu : Reckless, endless borrowing will lead to disaster
The Presidential candidate of the Peoples Democratic Party (PDP) Atiku Abubakar has expressed sadness that the leadership of the All Progressive Congress (APC) was still advocating for reckless borrowing amidst an economic tailspin which Nigeria was currently grappling with.
He said despite several words of his cautions against the unwise decision by the current administration to engage of such borrowing , the APC government has continued in the borrowing spree, a situation, which he said is leading to national disaster.
Media Adviser to the PDP candidate, Mr. Paul Ibe, who stated this in a chat with Vanguard, in Abuja, on Tuesday, was responding to a statement credited to the APC National Chairman, Abdullahi Adamu in which he enjoined the Federal Government to continue borrowing.
Speaking on a programme on Trust Television on Monday, Adamu said countries like the US and the UK borrow funds from international financial institutions to meet their needs.
President Muhammadu Buhari has been criticised for his administration’s borrowing to execute projects across the country.
“I remember a programme we had here, I told you and I thought you believed me that I have no quarrel, issues with government borrowing. Government can borrow from here to eternity. The American government borrows, the Canadian government borrows, the United Kingdom borrows, France borrows money from the World Bank and such other institutions,” he said.
Ibe recalled that Atiku had in several statements, articles and tweets, cautioned the President Muhammadu Buhari-led federal government against mortgaging Nigeria’s future with such borrowings.
He said, “Nigerians will recall that in one of his articles titled: ‘Endless Borrowing Will Lead to Endless Sorrowing‘ the Wazirin Adamawa, foretold the economic disaster we are in today.
He not only drew government’s attention to the economic dangers but also suggested ways to mitigate it. The APC -led administration ignored him and we are all suffering for it today.
In his founders day lecture at the American University Yola almost three years ago, quoting from the American, John Quincy Adams, who said, ‘there are two ways to conquer and enslave a nation. One is by the sword. The other is by debt’.
Atiku noted that the American may have very well been referring to Nigeria of the last three years prior because Nigeria’s debt serving has now outweighed its income, no Nation runs its economy like this.
The APC owes Nigerians a duty to at least, stop compounding our woes with additional borrowing to feed consumption.
