Nigeria is in dire financial crisis as its debt profile has revealed that every of its 250 million citizens and an addition of about 50 million yet to be born children are now owing the nation's creditors about N170,000 each, the Labour Party has revealed.
As a result of this, the Labour Party is demanding the resignation of all the candidates of the ruling party, All Progressives Congress (APC) from the 2023 General Elections and the party's immediate withdrawal from governance claiming the party has ruined Nigeria.
In the message of the Labour Party to the nation at its 62nd Independence Anniversary which comes up by October 1st, its National Publicity Secretary, Comrade Arabambi Abayomi pointed out that by the figure reeled out by the Director General of the Debt Management Office (DMO), Mrs Patience Oniha, the nation's debt stood at N42.84trillion ($103.31bn) as at June 30, 2022.
Arabambi noted that if this exorbitant sum which represented the nation's total public debt stock of domestic and external debts is divided among the living and 50million unborn children, the nation's dire situation would become glaringly appalling.
Addressing pressmen at the Labour Party's Secretariat of its contestant for the House of Representatives for Abeokuta South Local Government Area, Tolulope Phillips in Ogun State Capital, Arabambi insisted that the nation is at the brink of extinction necessitated by the mismanagement of APC.
The Labour Party's spokesman said "the dishonest and lying APC probably forgot that in 2021, it spent 4.22 trillion on debt servicing which was an increase of 29.3% over the sum of 3.27 trillion spent for the same purpose in 2020 while the revenue only increased by a marginal 9.3% to N4.39 trillion".
He also pointed out that "in the last 16 months, APC led Buhari administration has spent a whooping sum of N6.16 trillion.
Arabambi noted that the Labour Party's presidential candidate, Peter Obi has at several been insisting that government borrowing should not exceed a statutory 5% of the previous year's revenue but that APC government has persistently ignored the well intentioned advice.
The spokesman said " unless we the wickedly mortgaged Nigerians as a collective pull resources and work together to influence a change quickly in the political leadership of the country, it won't be long when Nigeria will be turned into an extinct nation by the APC.
Arabambi said "the key is to join hands and support Peter Obi's hope and peace assuring presidency in Labour Party.
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