$500m Loan: PDP Lashes out at Lai Mohammed, Says Request is for Presidency Cabal


The Peoples Democratic Party (PDP) has told the Minister of Information and Culture, Alhaji Lai Mohammed, to perish the thoughts of further mortgaging the future of our country by securing $500 million dollars (N182 billion) loan, purportedly for upgrading of the Nigerian Television Authority (NTA).


The party in a statement by its National Publicity Secretary, Kola Ologbondiyan, urged the National Assembly to save the nation by refusing the request by President Muhammadu Buhari to plunge Nigeria into more debt through his request for additional $29.9 billion dollars loan, in which the said $500 million and other unexplained subheads were embedded.

The PDP implored the National Assembly to reject the clear attempt by the cabal in the Buhari Presidency to worsen the economic situation in the country via the use of phony projects as a guise to draw foreign funds to service their selfish economic and political interests.

It noted that under the Buhari Presidency, our foreign debt has accumulated to $83 billion dollars with nothing to show other than excruciating unemployment rate, decayed infrastructure, a worsening governance system, escalated insecurity and unprecedented poverty.

The PDP alerted Nigerians to the fact that the request for the approval of $500 million was aimed at setting the stage for further fleecing of the economy as the Federal Government under the Buhari administration has shown no commitment towards nation building, transparency and accountability in governance.

“Moreover, the Federal Government has failed to present details of the requested $29.9 billion dollars loan in which the $500 million being requested by the Minister of Information and Culture is embedded; a development that points to nothing but the corruption in the Buhari administration.

“While counselling the Minister to perish the thoughts of $500 million, the PDP charges him to use his appearance at the National Assembly to give account of the funds so far released to the Ministry of Information and Culture which has been plagued by cases and allegations of corruption under his watch,” part of the statement read.


The party also charged Lai Mohammed to immediately provide answers to circumstances surrounding the reported National Broadcasting Commission (NBC) N2.5 billion fraud.

It further urged the National Assembly to shelve all requests for foreign loans until the Buhari Presidency heeded the demand by Nigerians to open its books and publish details of all financial transactions on foreign loans as well as spending from the federation account so as to secure our economy from the bazaar of the corrupt cabal in the Buhari Presidency.

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