Aenator Solomon Olamilekan Adeola, chairman of the Senate Committee on Finance, accused past Presidents, President Olusegun Obasanjo, Umaru Musa Yar’ Adua, and Goodluck Jonathan of Nigeria’ s high debt profile.
The huge debt profiles accrued between 1999 and 2015, according to Adeola.
The statement was released by the congressman on Wednesday during a hearing on the Medium- Term Expenditure Framework and Fiscal Strategy Paper for the years 2022- 2024.
According to the statement disclosed to the news correspondent, Adeola stated that when Lawan asked him to clarify concerns raised by lawmakers about Nigeria’ s debt profile during deliberation local, foreign, and other financial debt.
The legislator stated further that ” Past administration dating back to the military era incurred a large portion of Nigeria’ s debt profile, roughly estimated at N33 trillion naira. ”
His statement reads, ” The majority of the loans currently being paid by the President Muhammadu Buhari administration were accumulated between 1999 and 2015, from the time of the military to the PDP administration under Ex- Presidents Olusegun Obasanjo, Umaru Musa Yar’ Adua, and Goodluck Jonathan.
” You’ re implying that the debt President Buhari borrowed is accumulated. It is not a borrowing by this government alone, it is a borrowing that dates back to the military era and the beginning of the Democratic dispensation.
” It is an accumulated loan, it is not a loan indicating that President Buhari’ s present administration has borrowed.
” It is a loan that the former administration of Obasanjo’ s, Jonathans, and Yar’ Aduas took.
” The President of the day has no choice but to continue repaying all of the past administrations’ loans.
” More than three- quarters of the loans you’ re seeing were taken from prior administrations, and we’ re repaying them. We’ re doing what we’ re supposed to do, the right way is supposed to be done.
” So when people indicated that we are paying for every 67 naira loan that was borrowed, they should know that more than 67 nairas of these loans were borrowed by the previous administration. And that’ s where we are right now. “