The Nigerian main opposition Peoples Democratic Party (PDP) has taunted the ruling party of All Progressive Congress (APC) and its government of President Muhammadu Buhari over its request for fresh approval of a foreign loan. The approval followed the consideration of the report of the Senate Committee on Local and Foreign Debts.
The Chairman of the committee, Clifford Ordia, (Edo Central), read the report and solicited his colleagues for its approval.
Earlier to the loan approval, a heated argument erupted between the Senate and their president on the pros and cons of taking the said loan.
The government of President Buhari said, the $22.7 billion loans if successful will be utilised for infrastructural development.
Buhari in his recent correspondence to the lawmakers explained that external borrowing plan is set to cut across all sectors of the economy but with special interest on infrastructure, agriculture, health, education, water supply and employment generation.
During the 8th Assembly, Buhari transmitted the same request to the lawmakers under the leadership of Bukula Saraki in the year 2016 and was thrown out.
The said loan would be funded through World Bank, African Development Bank (ADB), Islamic Development Bank (IDB), Japan International Cooperation Agency (JlCA), German Development Bank (KFW), China Exim Bank and French Development Agency.
However, in its reaction, the opposition PDP accused the APC Senators and its government for approving the loan that was overwhelmingly rejected by the 8th Senate.
In a statement through its National Party Publicity Secretary, Kola Ologbodiyan, PDP said; ‘APC is approving more financial burden on our nation, the APC senators have further shown that their party does not have the interest of Nigerians at heart, but is only out to repress and plunge our citizens into more hardship just for their selfish gains,”
The opposition argued that the APC action is distressing; accusing the presidency of not justifying what it's going to do with the approved loan.
The PDP further stated that; The fact that the $22.7 billion loan request brimmed with unexplained, obscure, over-bloated and questionable subheads, such as the scandalous $500 million dollars (N180 billion) smuggled in under the guise of upgrading the Nigerian Television Authority (NTA), shows that the APC and a cabal in the Presidency are in a huge financial racket, for which they are ready to plunge Nigerians into more suffering.”
“In approving the loan, even after it was clear that Nigerians are averse to it, the APC senators have confirmed that they are in league with other APC leaders to fleece our nation and bring more hardship to Nigerians.”
“The party notes as disheartening that under the Buhari Presidency our foreign debt has continued to accumulate with nothing to show other than excruciating unemployment rate, decayed infrastructure, a worsening governance system, escalated insecurity and unprecedented poverty,” the statement read in parts.
