PDP Begs APC: Listen To World Bank's Warning On Borrowing
The Peoples Democratic Party (PDP) has urged the president to heed World Bank’s warning and desist from unbridled borrowing.
The party asked the federal government to look inwards and develop the nation’s resources through sustainable revenue inflow.
The PDP in a statement issued in Abuja by its National Publicity Secretary, Dayo Adeyeye, reiterated its earlier call on the National Assembly not to approve the recent $5.5 billion loan request by made by the president.
“However, our altruistic position on the evil of unbridled borrowing by the government has been confirmed by the World Bank, which has issued a caveat to the APC government not to borrow and plunge the future of this country into uncertainty.
“Issuing the warning through its Senior Economist, Mrs Gloria Joseph-Raji, on Monday, in Abuja, the World Bank stated clearly that the cost of borrowing or paying interest on Nigeria’s debt is not sustainable as revenues to make such payment has dried up.
“The World Bank stated unequivocally that the country’s debt to revenue ratio, which stood at 35 per cent in 2015, has grown to 60 per cent by 2016, reflecting a reduction in government revenues and rising debt profile, thereby, raising a question about the debt sustainability,” the PDP said.
The opposition party said it was appalled that after it worked assiduously to take the country out of debt during its 16 years reign, the current administration is “stacking debt for the future generations without any corresponding infrastructure development in the country to justify the huge borrowing.”
FOR MORE INTERESTING STORIES, DOWNLOAD BOUNCE NEWS APP HERE
IPOB AGITATION: WHY NIGERIANS MUST OPPOSE VIOLENT PROTESTS IN THE SOUTH-EAST