The presidential candidate of the Peoples Democratic Party, Atiku Abubakar, has said that Nigeria is broke under the All Progressives Congress.
Atiku said Nigeria had been running on budget deficits since the APC came to power in 2015.
Atiku stated this at the Lagos Chamber of Commerce & Industry on Tuesday as he was rolling out his economic agenda for the country if he eventually won the 2023 elections.
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He said, “Nigeria is broke. Nigeria under the APC-led government has consistently run on budget deficits since it came to power in 2015. These budget deficits are often above the 3% threshold permissible under the Fiscal Responsibility Law.”
“For the first time in Nigeria’s history, the FGN paid more in debt service than it earned! By spending more than 100% of its revenue for debt service, Nigeria is breaching one of the applicable debt-sustainability thresholds.
”The failure of leadership by the APC-led government is staring every Nigerian in the face as the country’s economic, social, political and security challenges persist and assume frightening dimensions.
Atiku said Nigeria had the potential to double its Gross Domestic Product by 2030 and achieve a per capita income of approximately US$5,000, adding that “Our economic growth and development agenda seeks primarily to stimulate the growth of the economy. It envisions an economy that is modern, dynamic, and competitive, capable of taking its rightful place among the top 20 economies of the world.”
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