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Thu, Mar

Chinese Loan: Atiku kicks, Writes National Assembly To Stop Buhari

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The Presidential Candidate of the Peoples Democratic Party (PDP) in the 2019 General Election, Alhaji Atiku Abubakar has formally written a letter to the leadership of the National Assembly urging them to stop President Muhammadu Buhari from further taking a Chinese loan. Accordingly, Atiku in his letter addressed to the Senate President, Ahmed Lawan requested the National Assembly to reject any new loan that would emanate from President Muhammadu Buhari government meant for “projects that are not viable.”Also contained in Atiku's letter which was received on 25th August, he urged the Legislature to also stop approval for loans that are non-income generating or production-based.

The former Vice president is an experienced businessman explained in his letter that the country is at risk of insolvency if nothing is done about the continued borrowing.

Atiku's letter came to limelight today, where he was advising Nigerians not to allow the country thrown into financial bankruptcy while they watch and do nothing.

The Major opposition leader quoted that as of May 29, 2015, when the APC took over power, the country’s total debt was 12trillion.

However, as at August 2020, the Nigerian debt profile has shot to 28.63 trillion, noting that the scariest part of it is that the foreign debt portion of the country’s national debt has further skyrocketed from less than $10 billion from May 2015 to $30 billion in August 2020.

The statement partly reads, “A further cause for concern is the fact that not all of these debts are necessary. A study of the use to which these monies have been put to will show that much of it has gone towards items or projects that are non-productive or viable,”

He explained that the future of the youth currently, is at stake and could be best described as a bondage-like condition.

Atiku urged the National Assembly to be the legislature and a check on the executive excesses of the executive arm, suggesting that henceforth the National Assembly should reject any loan that is not income-generating or production base.

 

 

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