PDP berates Buhari, APC over fresh N850bn loan

• Demands accountability

The Peoples Democratic Party (PDP) on Tuesday berated President Muhammadu Buhari and the ruling All Progressives Congress (APC) over fresh N850 billion loan approved by the Senate by fiat. The Opposition Party expressed concerns over the hasty approval of yet another loan of N850 billion for President Muhammadu Buhari administration by the All Progressives Congress (APC)-led Senate, despite allegations of financial recklessness and lack of accountability that have dogged the administration.

PDP further expressed concerns that the Buhari administration had, in its incompetence, failed to articulate tangible wealth creation programmes to buoy the economy, despite the huge natural and human resources at its disposal, but relishes only in accumulating loans, without precise repayment plans, thereby, pawning the economy as well as the future of the nation.

PDP in a statement in Abuja by the National Publicity Secretary, Kola Ologbondiyan, decried: “Nigerians are alarmed that the Buhari administration’s over-dependence on loans is wrecking our economy while amassing huge problems for our future generation.

“It is even more worrisome that the loans are not transparently managed as most of them are being trailed by allegations of mismanagement and embezzlement.”

The PDP, therefore, advocated that instead of constantly resorting to borrowing, the Federal Government should articulate innovative ways to create wealth and plug wastes.

“What is expected at a time like this is for the Buhari Presidency to immediately cut on luxury, slash the number of Presidential appointees, cut down huge allowances that gulp billions of naira and maintain a lean budget that will center on health, research and growth of our economy, among other critical needs,” the PDP stated.

The PDP, therefore, alerted the Presiding Officers of the Senate to note that in approving the loan, “the nation holds them responsible to ensure strict oversight monitoring of the handling of the money.”

The Party maintained that this is especially as it is being sourced from the capital market, which hosts investments by private individuals and firms.

PDP insisted that the Senate must ensure judicious use of the funds as well as prompt repayment. “This is because our nation cannot afford any default, as such is capable of crippling the capital market and worsening the economic hardship already being faced by Nigerians,” the Party argued.

The PDP, therefore, urged all stakeholders, particularly, fiscal transparency groups, the Nigeria Corporate World and management of the capital market to protect Nigerians by closely monitoring the performance of the loan to guarantee effective management and prompt repayment.