The ruling party All Progressives Congress (APC), has cite Peoples Democratic Party (PDP) of being responsible for the recent borrowing by the Muhammadu Buhari government.
Recall that Buhari had asked the National Assembly to approve $4.054bn, €710m and $125m fresh external loans to fund critical projects in the country.
But the PDP asked the National Assembly to reject the President’s request and probe the spending of all loans collected so far by the Buhari government.
In a statement on Wednesday, Secretary of the APC Caretaker/Extraordinary Convention Planning Committee, Sen John James Akpanudoedehe, said the 16 years of misrule of the PDP was responsible for the foreign loans request.
Akpanudoedehe added that the APC-led government is borrowing to finance the deficit in the 2021 budget and develop critical infrastructure in the country.
He stated that the projects when completed will stimulate economic growth, generate jobs, reduce poverty and improve the general well-being of the citizens.
The APC scribe, however, welcomes the continued and multi-partisan cooperation which exists between the executive and legislature on national issues.
The statement reads: “Unlike in the brazen looting days of the PDP, the borrowings are designed to finance the deficit in the 2021 budget to enable the realisation of the Nigerian Economic Sustainability Plan that touches key sectors such as infrastructure development, boosting healthcare services, strengthening agriculture to deepen food security, more energy generation and continued tackling of the ravaging COVID-19 global pandemic.
“From the forgone, it is abundantly clear that the borrowing is hinged on genuine needs and based on the necessity to strengthen the foundation of the national economy and achieve the desired primary purpose of the government of uplifting the living standard of the citizens.
“It was in PDP’s era that loans to fund power generation, purchase arms and ammunition to fight a raging insurgency was misappropriated and diverted to fund PDP activities; and the borrowed money ultimately found its way to the pockets of cronies, friends and family members of administration officials. Nigeria is still servicing a $460 million loan taken from China to fund a phoney Abuja Closed-Circuit Television (CCTV) contract awarded in August 2010.
“Nigerians should also reflect and recall that the PDP had in its 16 years of misrule pushed the country into a dark ditch of insolvency, and a period in which most state governments could not pay workers salaries, not even the minimum wage, or settle contractors’ bills and cater for patients in hospitals, to name a few.
“In a welcome and commendable change, the Buhari-led administration through its economic management skills bailed out states to pay salary backlogs and embarked on large-scale infrastructure development projects that stimulated the economy and exited the era of insolvency and recession caused by the ineptitude of the PDP administration.
“The APC welcomes the continued and multi-partisan cooperation which exists between the executive and legislature on national issues. This will ensure good governance, particularly in the area of economic development. The country and citizens are the ultimate beneficiaries.”
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