The ruing All Progressives Congress party, APC, has backed Nigeria’s President Muhammadu Buhari’s request to the National Assembly, seeking approval to borrow the sum of $4,054,476,863 billion and €710 million.
The request was made known in a letter read by Senate President Ahmad Lawan at plenary on Tuesday.
Secretary to the Caretaker/Extraordinary Convention Planning Committee (CECPC), Senator John James Akpanudoedehe, in a statement sent to Information Nigerian on Wednesday, said borrowings by the President Muhammadu Buhari-led federal government is for the good of the country as the money is used to develop critical infrastructure that is stimulating economic growth, generating jobs, reducing poverty and improving the general well-being of the citizenry.
This comes after the opposition People’s Democratic Party, PDP released a statement regarding the loan request by President Buhari, declaring that Buhari and the All Progressives Congress (APC) administration are selling Nigeria.
But Akpanudoedehe, in his statement, said “unlike in the brazen looting days of the Peoples Democratic Party (PDP), the borrowings are designed to finance the deficit in the 2021 budget to enable the realisation of the Nigerian Economic Sustainability Plan that touches key sectors such as infrastructure development, boosting healthcare services, strengthening agriculture to deepen food security, more energy generation and continued tackling of the ravaging COVID-19 global pandemic.
“From the forgone, it is abundantly clear that the borrowing is hinged on genuine needs and based on the necessity to strengthen the foundation of the national economy and achieve the desired primary purpose of government of uplifting the living standard of the citizens.
“It was in PDP’s era that loans to fund power generation, purchase arms and ammunition to fight a raging insurgency was misappropriated and diverted to fund PDP activities; and the borrowed money ultimately found its way to the pockets of cronies, friends and family members of administration officials. Nigeria is still servicing a $460 million loan taken from China to fund a phoney Abuja Closed-Circuit Television (CCTV) contract awarded in August 2010.
“Nigerians should also reflect and recall that the PDP had in its 16 years of misrule pushed the country into a dark ditch of insolvency, and a period in which most state governments could not pay workers salaries, not even the minimum wage, or settle contractors’ bills and cater for patients in hospitals, to name a few.
“In a welcome and commendable change, the Buhari-led adminstration through its economic management skills bailed out states to pay salary backlogs and embarked on large-scale infrastructure development projects that stimulated the economy and exited the era of insolvency and recession caused by the ineptitude of the PDP administation.
“The APC welcomes the continued and multi-partisan cooperation which exists between the executive and legislature on national issues. This will ensure good governance, particularly in the area of economic development. The country and citizens are the ultimate beneficiaries.