The Labour Party (LP) has dismissed the re-election bid of the ruling All Progressives Congress as an attempt to further plunge Nigeria into the abyss of economic disaster.
It said Nigerians who have been on the receiving end of this corruption-ridden administration which has visited nothing but misery on the Nigerian populace, can ill afford to queue behind the APC that has failed on all indices of governance.
The Labour Party’s National Publicity Secretary, Comrade Arabambi Abayomi, who stated this in Abuja, yesterday, said it remains an undisputed fact that in the first four months of 2022 by the Buhari administration’s revelation through the Budget and Planning Ministry, the cost of debt servicing by “the same Government has surpassed its revenue in the 4 months under review”.
Abayomi further said, “Remarkably, the clueless and confused APC government spent a total of N4.2 trillion between January and April 2022, from the earmarked N17.32trillion for the whole year. In these same four months, a sum of N285bn was earned as oil revenue, this represents a shortfall of 60.9% of the prorated figure of N730.12bn; this is even in spite of the marked rally in crude oil prices in these four months when the APC government casually mentioned that oil production declined to let the oil revenue fall short of the projection.
“The dishonest and lying APC probably forgot that in 2021 it spent N4.22 trillion on debt-servicing, which was an increase of 29.3% over the sum of N3.27 trillion spent for the same purpose in 2020; while the revenue only increased by a marginal 9.3%, to N4.39 trillion revenue, and that in the last 16 months the APC-led Buhari administration has spent a whooping sum of N6.16trillion“.
He further noted that the Director-General of the Debt Management Office (DMO), Mrs. Patience Oniha, confirmed that Nigeria’s total public debt stock representing domestic and external debt stock profile as of March 2022, stood at N41. 60 trillion and N42.84TRN ($103.31billion as of June 30, 2022. “
This, he said, if divided by 200 million Nigerians – including an estimated 50 million yet-unborn – totalling 250 million population, explicitly confirmed that every Nigerian as of June 30, 2022, is indebted to the tune of N170,000 each.
The LP spokesperson enjoined Nigerians to demand the immediate resignation of the APC from the seat of Government now that it is not in doubt that it has finally ruined a substantial part of the future of Nigeria with its avoidable act of running the Country into insolvency.
