The Peoples
Democratic Party (PDP) has asked the National Assembly not to approve the $5.5
billion foreign loan being sought by the President Muhammadu Buhari-led
government.
The party
explained that the move was an attempt by the ruling All Progressives Congress
(APC) to plunge Nigeria into further debt and consciously mortgage the future
of the nation.
The PDP in a
statement Wednesday night by its national publicity secretary, Prince Dayo
Adeyeye asked the government to account for all the monies it borrowed since
assumption of office.
"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.
"For
emphasis, we are dismayed at the rate by which the APC is plunging the nation
into debt through local and foreign borrowingwithout 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.
"We
are constrained to ask the government of President Muhammadu Buhari to explain
to Nigerians what his government has done with the
several huge
sums borrowed in the last two years in the name of financing infrastructural
development in the country.
"The
data shows that since President Buhari was sworn-in, the Nation's Debt has
risen by 61.96% in only two years," the PDP said.
Read more at dailytrust.com.ng
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