SLPP in NLe34 Trillion Debt
The Leader of the Opposition in Sierra Leone’s Parliament, Hon. Abdul Kargbo, has reignited the debate on governance and fiscal responsibility with a scathing critique of the SLPP government’s debt management.
Speaking during the FY2025 National Budget debate, Hon. Kargbo highlighted that the current government has accumulated more than twice the debt of its predecessor in a significantly shorter time.
“When the SLPP took office in 2018, they complained loudly about inheriting a broken system and unsustainable debt from the APC,” Hon. Kargbo said. “But let’s look at the numbers: the APC’s total debt over a full ten-year governance was 15 billion Leones equivalent to 15 trillion Old Leones. In just six years, the SLPP has already accumulated 34 billion Leones, or 34 trillion Old Leones.
Hon. Kargbo’s analysis paints a worrying picture of Sierra Leone’s economic future. He noted that the current rate of borrowing under the SLPP could leave the country in a hazardous financial position by the end of their first two terms in office.
“If the SLPP government has doubled the APC’s debt in six years, what will happen in the remaining four years? This debt trajectory is unsustainable and risks crippling the nation’s financial stability for generations to come,” he cautioned.
The Opposition Leader also raised concerns about the discrepancies between budget allocations and actual disbursements to Ministries, Departments, and Agencies (MDAs). He revealed that while some MDAs receive over 150% of their allocated budgets, others receive as little as 70%.
“This lack of consistency undermines fiscal discipline and creates room for inefficiency and corruption. We must ensure that funds are disbursed equitably and accountably,” he urged.
In addition to the debt crisis, Hon. Kargbo criticized the SLPP’s handling of the exchange rate, noting that the Leone has significantly depreciated under their watch. He pointed out that Sierra Leone’s currency is now weaker than those of neighboring Guinea and Liberia, a situation that has negatively impacted trade and the purchasing power of ordinary Sierra Leoneans.
This is the first time in history that Guinea’s currency is stronger than ours. In 2018, 100 Leones could exchange for 150 Guinean Francs. Today, that same 100 Leones fetches less than 30 Francs. How can we expect businesses to thrive under such conditions?” he questioned.
Hon. Kargbo urged the SLPP government to adopt more sustainable borrowing practices and implement policies that address inflation and stabilize the economy. He emphasized the need for bipartisan efforts to improve the lives of Sierra Leoneans, regardless of political affiliations.
“We must stop the blame game and focus on solutions. This country’s future depends on responsible governance and fiscal discipline,” he said.
Hon. Kargbo’s comparison between the APC and SLPP debt records raises critical questions about governance and accountability. His remarks serve as a wake-up call for Sierra Leoneans to scrutinize the decisions of their leaders and demand better stewardship of the nation’s resources.
