The Peoples Democratic Party (PDP) on Tuesday expressed concerns over the hasty approval of another loan of N850 billion for President Muhammadu Buhari’s administration by the All Progressives Congress (APC)-led Senate.
The main opposition party in a statement by the National Publicity Secretary, Kola Ologbondiyan, said the approval was given despite allegations of financial recklessness and lack of accountability that have dogged the administration.
The party further expressed concerns that the Buhari-led administration had, in its incompetence, failed to articulate tangible wealth-creation programmes to buoy the country’s economy, despite the huge natural and human resources at its disposal, but relished only in accumulating loans, without precise repayment plans, thereby pawning the economy as well as the future of the nation.
The party said Nigerians were alarmed that the Buhari administration’s over dependence on loans is wrecking our economy while amassing huge problems for our future generation.
They said it was even more worrisome that the loans were not transparently managed as most of them were being trailed by allegations of mismanagement and embezzlement.
The PDP stated that instead of constantly resorting to borrowing, the Federal Government should articulate innovative ways to create wealth and plug wastes.
The party said what was expected at a time like this was for the Buhari Presidency to immediately cut on luxury, slash the number of Presidential appointees, cut down huge allowances that gulp billions of naira and maintain a lean budget that would center on health, research and growth of the economy among other critical needs.
The PDP charged the Senate Presiding officers to note that in approving the loan, “the nation holds them responsible to ensure strict oversight monitoring of the handling of the money.”
The opposition party said especially as the loan was being sourced from the capital market, “which hosts investments by private individuals and firms.” “The Senate must ensure judicious use of the funds as well as prompt repayment. This is because our nation cannot afford any default, as such is capable of crippling the capital market and worsening the economic hardship already being faced by Nigerians,” PDP said.
The party urged all stakeholders, particularly fiscal transparency groups, the Nigeria Corporate World and management of the capital market to protect Nigerians by closely monitoring the performance of the loan to guarantee effective management and prompt repayment.