The Labour Party has discribed the re-election bid of the ruling All Progressives Congress as an attempt to further plunge Nigeria into the abyss of economic disaster.

It said Nigerians who have been on the receiving end of this corruption-ridden administration which has visited nothing but misery on the Nigerian populace, can ill afford to queue behind the APC that has failed on all indices of governance.

National Publicity Secretary of the Labour Party, Comrade Arabambi Abayomi, said this in Abuja, on Sunday.

He said it remains an undisputed fact that in the first four months of 2022 by the Buhari administration’s revelation through the Budget and Planning Ministry, the cost of debt servicing by “the same stealing Govt has surpassed its revenue in the 4 months under review.”

Abayomi further said, “Remarkably, 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.

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“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. “

He further noted that the Director-General of the Debt Management Office (DMO), Mrs Patience Oniha confirmed that Nigeria’s total public debt stock representing domestic and external debt stock profile as of March 2022, stood at N41. 60 trillion and N42.84TRN ($103.31billion as of June 30, 2022. “

This, he said, if divided by 200 million Nigerians including 50 million yet unborn totalling 250m population explicitly confirmed that every Nigerian as of June 30th 2022, is indebted to the tune of N170,000 naira each.

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Abayomi noted that it is worth putting on record that though its Presidential Candidate, Peter Obi has for a long at many forums held that the Govt’s borrowing must be at a statutory 5% of the previous year’s revenue but “the highly clueless and grossly incompetent APC confused and rudderless Government at every juncture ignored this wise counsel.“

The LP spokesperson enjoined Nigerians to demand the immediate resignation of the APC from the seat of Government now that it is not in doubt that it has finally ruined a substantial part of the future of Nigeria with its avoidable act of running the Country into insolvency.

He further said, “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.

“In exchange the $6.7 trillion is equivalent to $15.6 bn This is against the 2023 Budget. However, what will blow your mind is that the Government is planning to yet borrow #11 trillion to support the 2023 Budget expenses.

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“LP has chosen to advise APC to immediately withdraw all it’s Candidates from the 2023 elections and safe itself the embarrassment of repeated public lies and falsehood that has become its main character in Government.“