The Peter Obi-led Labour Party has accused the All Progressives Congress, APC, government of stealing and mismanaging the nation’s economy.
Arabambi Abayomi, the National Publicity Secretary of the LP disclosed this in Abuja, on Sunday. He said the ruling party has plunged the country into a debt that will be paid by generation unborn.
Amidst criticism that President Muhammadu Buhari’s government has borrowed too much within the spate of seven years, the LP said, the implication of this is that each Nigeria will now have to pay back N170,000.
The government has insisted that it will continue to borrow in order to bridge the infrastructure deficit in the country, but the LP said what the country needs is prudent management of resources.
The party warned Nigerians to punish the APC by voting them out in next year’s election, warning that “the stealing government” should not be allowed to return to power.
Accusing the government of mismanaging the economy, the LP said “the clueless and confused APC Govt 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 Government unabashedly retarded APC Govt casually mentioned that oil production declined to let the oil revenue fall short of the projection.
“It sounds very irritating, painful and annoying to keep hearing this dying and failed APC Govt repeatedly claiming that the untenable, questionable & unverifiable oil subsidy deductions were responsible with the twin criminal excuse of the inability to increase oil production was responsible for the failure at meeting the projected target of revenue growth in the 4 months.
“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 in the last 16months APC led Buhari Administration has spent a whooping sum of N6.16trillion. “
The LP further accused the ruling party of mismanaging proceed from crude oil sale, adding that the billions of naira paid for petrol subsidy had turned out a scam.
“The growing cluelessness of the APC in its incompetent management of the Country’s economy is easily observed from the silly and unending oil subsidy deductions choreographed calculated scam
“ One can simply ask how much it cost Dangote to establish the about to begin operation oil refinery was built at a cost of $15bn.
“The Pacific refinery in Ecuador cost $12bn with a capacity to refine 500,000 barrels per day (bpd).”
“AL ZOUR REFINERY in Kwait was built at a cost of $16bn with a production capacity of 615 ,000 barrels per day.
“Compare the foregoing against Nigeria with two / three refineries and a refining average capacity of 1.2 million of crude oil per day, how comfortable are you fellow Citizens?
“Presently, these same thieves in Governance, APC are yet proposing #6.7 trillion to fund the carefully hidden agenda called a subsidy.”
