Labour Party Urges Nigerians To Resist Buhari’s $29.9b Foreign Loan Request

National-Chairman-Labour-Party-Abdulkadir-AbdulsalamThe Labour Party has called on Nigerians to resist attempts by the government to increase Nigeria’s debt burden.

This is just as it described the decision by President Muhammadu Buhari to obtain a foreign loan of $29.9 billion without a detailed plan of repayment, as a “journey to the grave for Nigeria”.

National Chairman of the Labour Party, Abdulkadir Abdulsalam, made this known while addressing journalists in Abuja on Tuesday.

“The current recession was primarily enhanced by the unfortunate locking up of funds in the name of fighting corruption. Thus, failing in the promise that funds would be released into the economy as soon as the budget was passed, the Buhari-led APC government is ready to take to the nation to a graveyard by borrowing without recourse to the after effect for Nigeria”, said Mr. Abdulsalam.

He urged Nigerians to bear in mind that part of the problems bedevilling the country was the uncontrollable borrowing of external loans by previous administration under the guise of infrastructural development.

The Labour Party chairman pointed out that the All Progressives Congress-led federal government had since its inception, failed in its promise to improve Nigeria’s economy and the decision to look for loans would only have devastating effects on the economy.

He said the supporters of the president should accept the reasons alluded by the National Assembly for refusing to approve the proposal.

Mr. Abdulsalam said a project of any kind required proper planning for success and the failure of government to accompany its proposal with a plan was proof that the proposal was a negative one.


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