From Jude Chinedu, Enugu
A founding member of the All Progressives Congress (APC), Osita Okechukwu, has fired back at the African Democratic Congress (ADC) over its allegations of “fiscal vandalism” against President Bola Tinubu’s administration, insisting that the Peoples Democratic Party (PDP), not the APC, mortgaged Nigeria’s future through corrupt policies and failed reforms.
The ADC had accused Tinubu’s government of reckless borrowing following the National Assembly’s approval of $21 billion in foreign loans, warning that the country’s public debt could hit ₦200 trillion before year-end without any meaningful economic revival.
Speaking to journalists in Enugu on Monday, Okechukwu dismissed the ADC’s claims, accusing the PDP of creating the economic mess Nigeria is grappling with today.
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He said: “The real vandals who mortgaged Nigeria’s future are the PDP leaders who supervised a less-than-transparent privatisation programme.
“Electricity is the bedrock of economic development, but Nigerians have not recovered from the day PDP auctioned NEPA, PHCN, and Mambilla under all manner of conspiracy theories. I challenge ADC to release the House of Representatives’ Ndudi Elumelu 2009 Report on the $16 billion power sector scandal under PDP’s watch.”
The former Director-General of Voice of Nigeria (VON) accused PDP leaders of abandoning their party’s unity and zoning arrangement after wrecking the country’s economic foundation.
“Instead of staying to rebuild the dislocated PDP, they ran to ADC, hoping Nigerians will forget the Manitoba and other shady transactions that led to outrageous electricity tariffs and stalled landmark projects like the Aluminium Smelter and Ajaokuta Steel,” he said.
On Nigeria’s growing debt profile, Okechukwu urged President Tinubu to avoid borrowing for recurrent expenses and focus on funding critical infrastructure that can boost industrial productivity.
“We must resist borrowing for frivolous or recurrent expenditure. I strongly recommend implementing the Oronsaye Report to cut unnecessary costs. I will fully support President Tinubu if he borrows $50 billion to overhaul the entire electricity value chain, which is crucial for economic recovery,” he stated.
He further advised the government to prioritise modern infrastructure over outdated projects.
“Instead of borrowing $3 billion to rehabilitate the Eastern Corridor narrow-gauge railway, the government should secure bigger funding to build standard-gauge railways and a deep seaport in the Niger Delta to stimulate real economic growth,” Okechukwu added.
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