ADC presidential candidate to review external debt if elected

The presidential candidate of the African Democratic Congress (ADC), Dumebi Kachikwu, says he will review Nigeria’s external debt if elected.

In an interview in Abuja, Mr Kachikwu said Nigeria was indebted because of “some unpatriotic elements” who stand to lose nothing by borrowing.

“I will ensure that I review every debt; those that were not properly done will be renegotiated with a view to paying those debts,” the presidential hopeful said.

According to Mr Kachikwu, the debts obtained rightfully would be paid by his administration after negotiations.

“We have people who have collected their boarding passes, raised check out of this world who are taking debts and loans on behalf of the future generations. They have nothing at stake by taking these loans. They know that you will pay, our children will pay, and they will not be here. So they get a kickback from the loans they take,” Mr Kachikwu alleged.

The ADC flag bearer added that he would also get the 60 million “odd people” unemployed to start work to make Nigeria the world’s “industrial powerhouse.”

“Once we have more people working and we start generating more revenue from taxation and from individuals and from businesses, we are in a better position to pay our legitimate debts,” Mr Kachikwu stressed.

Nigeria’s public debt stock increased from N42.84 trillion ($103.31 billion) in the second quarter of 2022 to N44.06 trillion ($101.91 billion) in the third quarter of 2022, according to the National Bureau of Statistics.

(NAN)