The All Progressives Congress (APC) says the loans obtained by the President Muhammadu Buhari administration are borne of the desire to uplift the living standard of Nigerians.
On Tuesday, Buhari sought the approval of the national assembly to borrow fresh sums of $4,054,476,863 and €710 million, in an addendum to the 2018-2020 borrowing plan.
However, the recent request for the loan had met with mixed reactions.
Reacting to the development in a statement on Wednesday, John Akpanudoedehe, APC caretaker committee national secretary, said the loans are meant to develop critical sectors of the economy in a bid to reduce poverty.Advertisement
Akpanudoedehe said the loans are designed to finance the deficit in the 2021 budget, which, according to him, will enable the realisation of the country’s economic sustainability plan.
“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,” the statement reads.
“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.Advertisement
“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.”