12 October 2017
…Says Nigeria now in senseless, terrible debt profile
By James Ojo
The Peoples’ Democratic Party, PDP, has extended another warning to President Muhammadu Buhari because of a letter he sent to the National Assembly on Tuesday seeking permission to obtain $5.5 billion foreign loan.
It would be recalled that the President had in the letter stated that part of the loan, if approved, will be used to fund the 2017 budget, adding that it will also open up many opportunities for Nigerians.
But reacting to the request on Wednesday, PDP was annoyed that Nigeria was becoming a borrowing economy. Another borrowing, according to the PDP will land the country into irredeemable dept.
Speaking in a statement through the party’s spokesman, Dayo Adeyeye, the opposition party stated that the $5.5 billion Buhari is seeking to borrow is needless and mindless.
The statement read: “As a party that governed this nation meritoriously for 16 years and handed over a buoyant economy to the APC in 2015, we are concerned that by the time Nigerians would have the opportunity to push out the APC government in 2019, the economy of the nation would have been damaged irreparably.
“For emphasis, we are dismayed at the rate by which the APC is plunging the nation into debt through local and foreign borrowing without concomitant developmental projects in any sphere of the nation’s economy to justify the huge borrowing.
“The figure released recently by the Debt Management Office (DMO), stating that the nation under the administration of the APC government in the last two years of being in office, has borrowed N7.51 trillion. It is mind-boggling.
“Mind-boggling because all round infrastructural decay has now reached alarming proportions. The roads have deteriorated, the state of power supply has become worse, and there is no increase in wages to match the skyrocketing inflation.
“As a result, workers in educational institutions and other government agencies have spent more time at home observing strike action than they spent at work; insecurity has sky-rocketed beyond what anyone can imagine, while those in power continue to delude themselves that they are providing plausible leadership for the country.”
The opposition party tasked Nigerians to demand explanation on how the several huge sums borrowed in the last two years “in the name of financing infrastructural development in the country” have been used.
The statement added: “The data shows that since President Buhari was sworn-in, the nation’s debt has risen by 61.96 per cent in only two years.
“As major stakeholders in the Nigerian project, we are worried that if the national assembly does not stop this latest demand for foreign loan, the money when released, will go the way of other loans obtained in the last two years without any tangible result to show for it.”