A Heavy Financial Burden
The All Progressives Congress (APC) is facing a significant financial challenge, with National Chairman Abdullahi Umar Ganduje revealing that the party’s National Working Committee (NWC) inherited a staggering N8.9 billion debt. The disclosure was made during the ongoing National Executive Committee (NEC) meeting in Abuja, shedding light on the financial struggles of Nigeria’s ruling party.
The Breakdown: Where Did the Debt Come From?
Ganduje explained that the massive debt was accumulated from expenses related to legal battles and election cases. These include pre-election lawsuits, appeals, and litigation costs for legislative, governorship, and presidential elections. The total liabilities amount to a jaw-dropping N8,987,874,663.
The APC’s legal team, led by National Legal Adviser Prof. Abdul Kareem Kana (SAN), has been working to reduce the debt. However, Ganduje emphasized the need for intervention from the party’s leadership to address the financial crisis.
A Call for Help: Ganduje’s Appeal to NEC
During the NEC meeting, Ganduje appealed to party leaders for support in managing the debt. The meeting was attended by high-profile APC figures, including President Bola Ahmed Tinubu, Vice President Kashim Shettima, Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, state governors, and other key stakeholders.
Ganduje’s appeal highlights the urgency of the situation, as the party seeks to stabilize its finances and maintain its position as Nigeria’s ruling party.
Why This Matters
The APC’s financial struggles come at a critical time, with the party navigating the complexities of governance and preparing for future elections. A debt of this magnitude could hinder the party’s ability to fund campaigns, support its members, and execute its political agenda.
The revelation also raises questions about the party’s financial management and transparency, particularly in light of its role in leading the country.
What’s Next for the APC?
As the APC grapples with its N8.9 billion debt, the focus will be on finding solutions to stabilize its finances. This could involve fundraising efforts, cost-cutting measures, and increased oversight of party expenditures.
The outcome of this financial crisis will have significant implications for the APC’s future, both in terms of its internal stability and its ability to compete in upcoming elections.
A Test of Leadership
The APC’s debt crisis is a wake-up call for the party’s leadership. As Ganduje and the NWC work to address the financial burden, the support of the NEC and other stakeholders will be crucial.
For now, the party must navigate this challenge with transparency and accountability, ensuring that its financial struggles do not undermine its political goals or public trust.
