The All Progressives Congress has risen in defense of plans by the government of the President Muhammadu Buhari (retd.), to borrow an additional $4bn from foreign lenders to finance development projects.
The party explained that the government was seeking additional loans to finance critical infrastructure projects to stimulate the economy and create jobs in the nation’s interest.
This was contained in a statement titled, “APC to PDP: Borrowings are to finance development projects.” The statement was signed by the party’s National Secretary, Senator John Akpanudoedehe, in Abuja, on Wednesday.
Akpanudoedehe said, “Borrowings by the President Muhammadu Buhari-led federal government is for the good of the country as the money is used to develop critical infrastructure that is stimulating economic growth, generating jobs, reducing poverty and improving the general well-being of the citizenry.
“Unlike in the brazen looting days of the Peoples Democratic Party (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 foregoing, 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 were 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 $460m loan taken from China to fund a phoney Abuja Closed-Circuit Television contract awarded in August 2010.”
The governing party urged Nigerians to 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.
Akpanidoedehe welcomed the bi-partisan support the President was receiving from the National Assembly.
