The main opposition party in Nigeria, The Peoples Democratic Party (PDP), has again expressed concerns over the approval of yet another loan of N850 billion for President Muhammadu Buhari’s administration by the All Progressives Congress (APC)-led Senate, saying that President Buhari Should stop accumulating loans without precise repayment plans.
In a statement made available to newsmen by the party’s publicity secretary, Mr Kola Olgbondiyan, stated that “the party is further concerned that the Buhari-led administration had, in its incompetence, failed to articulate tangible wealth creation programmes to buoy our 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 Nigeria.”
According to the PDP, “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 holds that instead of constantly resorting to borrowing, the Federal Government should articulate innovative ways to create wealth and plug wastes.
The PDP stated that “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 centre on health, research and growth of our economy among other critical needs?”
The Party charges the Senate leadership to, “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.”