Beware of PDP’s Pseudo-economy, BMO Tells Nigerians


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By Mustapha Adamu Yauri

The Buhari Media Organisation (BMO) has challenged the Peoples Democratic Party (PDP) to disprove Vice President Yemi Osibanjo’s clarification of the country’s past and present debt profile.

The group threw the challenge in a statement issued by its Chairman and Secretary, Messrs Niyi Akinsiju and Cassidy Madueke, respectively, on Tuesday in Abuja.

The group issued the statement in the wake of Osinbajo’s explanation that the administration of President Muhammad Buhari met a debt burden of $63 billion and borrowed $10 billion since assumption of office.

The group said that the vice president’s explanation was most appropriate in this season of misinformation and outright lies.

“Nigerians have for several months been fed with half-truths and disinformation by PDP elements on a humongous figure of foreign loans supposedly incurred by the Buhari administration.

“It was so bad that a party which presided over the highest figure of oil receipts in the nation’s history was accusing a more discerning government of mismanagement of funds,” BMO added.

The group wondered how a party under whose watch the country earned $381 billion between 2010 and 2014 could leave a debt burden of $63 billion with little on ground in terms of infrastructure.

“Here is an administration that also left an outstanding $9 billion debt to International Oil Companies (IOCs) for international cash call as well as several abandoned projects,” it said.

The group added that on the other hand, the All Progressives Congress (APC) government had the lowest oil revenue in the country’s history and was doing a lot more across the six geo-political regions.

BMO noted that “Nigeria under Buhari has only earned $112 billion since June 2010.

“if you add $10 billion it borrowed, the figure of $122 billion is still a far cry from the 2010-2014 $381 billion oil earnings alone.

“Yet, the administration has not only turned the country into a giant construction site,

“it has also provided budget support/bail outs to about 22 states which had several months of workers’ salary arrears as well as paid outstanding pensions of ex-Biafran fighters and former staff of the defunct Nigerian Airways.

“It also introduced the country’s first social welfare programme for the poorest of the poor,” the group said.

The group said it is an incontrovertible fact that the Buhari administration has done more with less in three and half years than the 16 years of PDP misrule where the country earned $862 billion from oil alone.

It consequently wants Nigeria to be wary of “pseudo-economists” who have been coining alternative facts in a bid to water down the gains of the last three years.

(NAN)

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