$5.5b Loan: APC Knocks PDP For Opposing Buhari's Request
The ruling All Progressives Congress (APC) says the Peoples Democratic Party (PDP) needs to wake up to new realities.
The APC, through its National Publicity Secretary, Malam Bolaji Abdullahi, in a statement issued yesterday in Abuja, reacted to the PDP’s opposition to the plan by the President Muhammadu Buhari administration to obtain a $5.5 billion foreign loan.
The party said governments typically resorted to borrowing to finance economic development projects in developing economies because taxation and other revenue streams might not necessarily provide sufficient funds for economic development.
The APC said the recent borrowing plans proposed by the President Buhari administration was no different as the president had stated in his request to the National Assembly, that the loan would be used to finance the 2017 budget deficit and invest in critical and verifiable infrastructure project which would grow the economy.
The party described the PDP’s claim that it “meritoriously” governed the country for 16 years and “handed over a buoyant economy to the APC in 2015” as “a new height of PDP’s insensitivity to the populace.
The statement added that the claim had further exposed the PDP as a party unrepentant for the rot it left the country after its 16 years rule.
“If the PDP thinks that by spewing falsehood and unsubstantiated claims, the party will return to power in 2019, then the PDP needs to seriously rethink its strategies. Nigerians are not gullible and can differentiate between a party which brought the country to where it is today and the party clearing the rot and rebuilding the country.
“As the National Assembly considers the proposed borrowing plan submitted by the President, the APC calls on members of the Senate and House of Representatives to rise above sundry sentiments and approve the request, which is pro-people and in the overall best interest of the country,” the statement read in part.
The statement added that, “Even when crude sold above $100, the immediate-past PDP-led administration struggled to build savings. In addition, the excess crude account was misspent.”