The Peoples Democratic Party has queried the Federal Government over “the borrowing spree”, which it alleged catapulted the nation debt from N12.12tn in 2015 to “an overburdening N24.38tn in 2018”.

The main opposition party stated this in a statement by its National Publicity Secretary, Mr kola Ologbondiyan, on Monday.

Ologbondiyan alleged that since President Muhammadu Buhari assumed office in 2015 there had been unexplained borrowings leading to a rise in the debt profile from N17.5tn in 2016 to N21.72tn in 2017 and N24.387tn in 2018.

He said, “It is shocking and completely insupportable that our nation’s debt rose from N21.72tn in December 2017 to N24.387tn in December 2018, showing an accumulation of a whopping N2.66tn in a space of one year.

“The Muhammadu Buhari administration therefore has a huge explanation to make to Nigerians for its borrowing spree, especially as it cannot point to any meaningful development project the borrowed money was invested in.

“This is particularly against the backdrop of the allegations in the public space that the borrowed funds, which were taken as development funds, were diverted to the All Progressives Congress’ campaign for the 2019 general elections, a huge part of which ended in the pockets of corrupt APC leaders.”

The spokesman added, “This is in addition to direct frittering of public funds through the alleged N1.4tn oil subsidy regime, the looted N9tn detailed in the leaked NNPC memo, the alleged N33bn fraud in the handling of the money meant for the welfare of Internally Displaced Persons in the North-East, among other sleazes.”

Ologbondiyan urged the National Assembly to commence an investigation into the borrowings, particularly the terms and the handling of the money.

He also said the National Assembly should stop the Federal Government from borrowing more money until it explained the terms and handling of the money already borrowed.