Former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank, on Friday, said that Five years after the All Progressives Congress, APC government came on board, that Nigeria is only celebrating more debts. He said the APC government has plunged the country into worst debt ever, compared to previous administrations.
Frank, in a statement in Abuja, said that the nation’s progress is presently on a freeze and can only return to normal mode of development after the current administration.
He warned that Nigerians must “brace up for further economic and social torments ahead in the next three years” if the current situation persists.
He lamented that the current APC government “has continued to lead the country and its yet unborn citizens into the abyss of debt and slavery with penchant for amassing loans meant to be shared by the cabal rather than for positive developmental projects.”
He insisted that “it would take Nigeria another 10 decades to repay and recover from the loans already amassed and squandered by the present administration.”
Frank said: “Today marks the fifth year of this regime in power, yet, Nigerians have not recovered from the dummy sold to them prior to the 2015 presidential elections.
“In 2016 alone, over five million Nigerians lost their jobs when the country was plunged into an unwarranted recession.”
He said there is “worsening insecurity across the country” and that the APC government “has not deemed it fit to change the leadership of the armed forces.” He said that the only legacy the APC administration “has built in the last five years is an ever-increasing debt profile for the country.”
“Under this administration, Nigeria’s debt profile rose from N10.32 billion in June 30, 2015 to 27.4trillion naira as at December 31, 2019.”
“Presently, our rubber stamp 9th National Assembly is sealing another $5.513billion external loan for Buhari.
“This is after the same National Assembly hurriedly reproposed N850 billion external loan to be sourced by Buhari from the local capital markets in May 2019.
“Already, over a quarter of Nigeria’s N10.51 trillion revised 2020 budget, that is N3trillion has been earmarked for debt service, which far exceeds the N2.23trillion meant for capital expenditure.”
“This clearly shows that the APC’s only Next Level Agenda has been to lead the country into bondage through unmitigated borrowing from multilateral lending institutions like the World Bank, IMF, AfDB, Islamic Development Bank and the China EXIM Bank, among others,
“I believe that Nigeria will be free from this burden one day. All it would take is for Nigerians to put on their thinking caps and elect a leader who will lead them out of Egypt and not one that would further increase their heavy yoke.
“Today Nigerians are celebrating five years of poverty, hardship, sickness, joblessness, rising inflation, drowning economy and debt slavery courtesy of the APC government.”