Delta State Chapter of the People’s Democratic Party, PDP, has slammed the All Progressives Congress, APC, of lacking the credibility to discuss debt management in the State.
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It stressed that the All Progressives Congress, APC-led Federal Government has presided over heavy and reckless borrowing, escalating the national debt stock from about N7 trillion after the 16 years of the PDP governance to over N90 trillion under its eight years, leading to a situation in which 97% of Nigeria’s national revenue was devoted to debt servicing and the attendant reduced revenue allocations to States and Local Governments.
The PDP made this statement on Monday while reacting to what it described as the “misguided propaganda” by the Delta State Chapter of the APC, to misinform the public on the debt management measures being undertaken by the administration of Governor Sheriff Oborevwori.
The State chapter of the PDP, in a statement by it’s Secretary, Mr. Dan Ossai, said 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.”
While re-emphasizing 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.
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“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 statement said.
The PDP noted that the APC had failed woefully in managing the crude oil production capacity of the nation which it brought from over two million barrels per day to a low of about one million BPD, stressing that a huge chunk of the revenue receipts from even the low output had been devoted to their corruptive importation of petroleum products and payment of fuel subsidy, by which little or nothing was being returned to the federation account.
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