APC and PDP fight over Buhari’s new loan application

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Nigeria’s two dominant political parties have quarreled over President Muhammadu Buhari’s request for approval to borrow $ 4 billion and € 710 million to finance the 2021 budget deficit.

PREMIUM TIMES reported that Mr Buhari made the request in a letter to the National Assembly on Tuesday, as many Nigerians struggle to survive the country’s bitter economic situation.

The People’s Democratic Party (PDP), in response to this development, has warned NASS against approving the request, saying it could skyrocket the country’s debt profile without a repayment plan. feasible.

With approval to borrow 8.3 billion dollars and 490 million euros by its legislative body just two months ago, Nigeria’s debt profile is at risk of reaching over 40 trillion naira.

“More alarming is that the debts APC owes Nigerians are for nebulous projects whose scope, utilities, locations and contractors are largely vague; a development that validates the fears of a huge swindle on our nation to the detriment of innocent Nigerians, including the unborn generation.

“Our party considers it an act of wickedness that individuals who know they will be leaving office in less than two years will run up debt instead of looking for ways to reduce the liability they have imposed on our nation.

READ ALSO : Senate approves Buhari’s $ 8.3 billion and € 490 million foreign loan request

“The APC knows it won’t be around after May 29, 2023. That’s why it’s pushing our nation into a deeper economic quagmire with foreign loans, which are largely diverted to the personal pockets of their leaders. corrupt, “said the opposition PDP. in a statement signed Tuesday by his spokesperson, Kola Ologbondiyan.

Reply

But in response to criticism from the PDP, the All Progressives Congress (APC) on Wednesday said the loans are for “the good of the country” and the well-being of the citizens.

The ruling party has also accused the opposition party of plundering foreign loans obtained during its 16-year rule rather than spending on infrastructure and economic growth as it says the government led by Mr. Buhari.

“It was during the PDP era that loans to finance power generation, buy weapons and ammunition to fight a raging insurgency were diverted and diverted to fund PDP activities; and the borrowed money eventually ended up in the pockets of the cronies, friends and family of government officials. Nigeria is still managing a $ 460 million loan from China to finance a bogus closed-circuit television (CCTV) contract from Abuja awarded in August 2010.

“Nigerians should also reflect and remember that the PDP had, during its 16 years of mismanagement, pushed the country into a dark insolvency ditch, and a period in which most state governments could not. not pay workers’ wages, not even the minimum wage, nor pay contractors. ‘bills and cares for patients in hospitals, to name a few,’ said Acting CPA National Secretary John Akpanudoedehe.

Before relinquishing power in 2015 after 16 years, the PDP left the national debts to around 12 trillion naira, a figure that has now risen to 33.1 trillion naira in March 2021.



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