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  • Business - Economy
  • Updated: October 02, 2020

Atiku Replies President Buhari's Criticism Over Economy Failure, Rising Debt

Atiku Replies President Buhari's Criticism Over Economy Fail

Atiku Abubakar has reacted to President Muhammadu Buhari's criticism of previous administrations which Buhari blamed for almost sinking Nigeria's economy. In his Independence day speech, Buhari said his administration has done more for Nigerians than the previous administration.

Buhari said the administrations under the Peoples Democratic Party (PDP) - 1999 to 2015 - had left the country in a state of destruction before he became president, yet his administration is being criticized.

"Those in the previous Governments from 1999 – 2015 who presided over the near destruction of the country have now the impudence to attempt to criticize our efforts." He said this while defending his government's policies that have come under heavily criticism.

READ ALSO: How First Bank Staff Defrauded Customers' Accounts Of Over N180m

Atiku Defend His Tenure, Set Record Straight

In his statement seen by AllNews, Atiku said during his administration Nigeria's foreign debt was paid off. Atiku was the vice president during President Olusegun Obasanjo's tenure between 1999 to 2007.

Atiku said his administration didn't just pay off debts, the administration also grew the economy by an unprecedented 6% annual GDP growth. "Between 1999 and 2007, Nigeria paid off her entire foreign debt while maintaining an unprecedented 6% annual GDP growth.

"Those were periods of national restoration, and I am very proud of the work President Obasanjo and I did for this nation we care so much for. Facts don't lie." Atiku said in the statement published on his official Twitter account.

READ ALSO: Fidelity Bank CEO, Nnamdi Okonkwo, In N58.2bn Money Laundering, Lobby To Evade Jail Term

Nigeria's Debt Rising Under President Buhari

The Debt Management Office (DMO) disclosed that Nigeria's debt skyrocketed by NGN2.381 trillion between March 31 and June 20, 2020, compounding the debt problem of Nigeria - this reflects the Federal Government's cravings loans.

As of March this year, Nigeria's total debt stood at NGN28.628 trillion but grew by N2.381 trillion to reach N31.009 trillion at the end of June 2020. According to DMO, the increase was due to the International Monetary Fund's (IMF) support loan.

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