Nigeria’s former vice president and presidential candidate of the Peoples Democratic Party (PDP) in the 2019 presidential election, Atiku Abubakar, has again made a revelation about the debt incurred by the current APC-led administration.
Vanguard reports that the former vice president said before the novel coronavirus pandemic hit the globe, Nigeria spent 42% of her earnings on debt servicing.
Wothappen.com gathered that he said the country has arrived at new reality by the coronavirus pandemic, adding that even if the country devotes 100% of its income to rebuilding our economy, it still would not be enough.
He said: “We have arrived at a new reality today: Even if we devote 100% of our income to rebuilding our economy, it still will not be enough. COVID-19 has wreaked such damage to the world’s economy, and this is now very evident in the West.
“But we should not take solace in any false sense of security that nations like Nigeria are either immune to the vagaries of this plague or that we would not be as hard hit. The reason countries in the Western Hemisphere are reporting more significant numbers than developing nations is primarily due to the availability of testing and real-time information.”
Atiku said asking for debt relief ignorance is not bliss in this instance, saying that the country would soon know the truth, “and, sadly, this truth will not set us free. It will shock us. Had we closed our ports of entry early, we would probably have had better reasons to be hopeful. However, the past is gone, but we must be proactive in going forward.
I hate to be the bearer of bad news, but Nigeria and other African nations are yet to see the worst of the effects of this scourge. That is why we should unite together and seek debt forgiveness, as a direct consequence of the impact of this pandemic on our economies.