The Peoples
Democratic Party (PDP) has asked President Muhammadu Buhari to stop external
borrowing.
The party said the
President should rather 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 centre on health, research and growth of the nation's
economy among other critical needs.
The PDP, which
expressed concerns over the presentation of another loan request of N850
billion to the Senate, in a statement on Tuesday night, said the President had
failed to articulate tangible wealth creation programmes to buoy the nation's
economy, despite the huge natural and human resources at its disposal, but
relishes only in accumulating loans, without precise repayment plans, thereby
pawning the economy as well as the future of the nation.
The PDP said the
Buhari administration's "over dependence on loans" was wrecking the
economy while amassing huge problems for the future generation.
The party said it
was even more worrisome that the loans were not transparently managed as most
of them were allegedly being trailed by allegations of mismanagement and
embezzlement.
"The PDP holds
that instead of constantly resorting to borrowing, the Federal Government
should articulate innovative ways to create wealth and plug wastes.
"The PDP,
therefore, charges the Senate Presiding officers to note that in approving this
loan, the nation holds them responsible to ensure strict oversight monitoring
of the handling of the money. This is especially as it is 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," the party said.
President Buhari had
sought the Senate's approval for a fresh loan of N850 billion to fund some
projects in the 2020 budget.
He made the request
in a letter read by the Senate President, Ahmad Lawan, on Tuesday during
plenary.
President Buhari, in
the letter, seeks to raise the loan from the domestic capital market.
The detail of the projects
was not indicated in the letter.
0 Comments