BEVERLY HILLS, March 06, (THEWILL) – The opposition Peoples Democratic Party (PDP) has berated the Senate for approving President Muhammadu Buhari’s request for a fresh $22.7 billion loan.
The federal government had earlier said the N22.7 billion loan would be used for infrastructure development.
The approval was a sequel to the consideration of the report of the Senate Committee on Local and Foreign Debts.
The approved loan will be funded by World Bank, African Development Bank (ADB), Islamic Development Bank (IDB), Japan International Cooperation Agency (JlCA), German Development Bank (KFW), China Exim Bank and French Development Agency.
Reacting, the opposition party accused the APC senators of approving the loan, which according to them, had been rejected by Nigerians across the board.
This was contained in a statement signed by Kola Ologbodiyan, the party’s national publicity secretary.
“The party said in approving more financial burden on our nation, the APC senators have further shown that their party does not have the interest of Nigerians at heart, but is only out to repress and plunge our citizens into more hardship just for their selfish gains,”
The PDP said it is distressing that the APC senators approved the loan, even when the Buhari Presidency have not justified the request.
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“The fact that the $22.7 billion loan request brimmed with unexplained, obscure, over-bloated and questionable subheads, such as the scandalous $500 million dollars (N180 billion) smuggled in under the guise of upgrading the Nigerian Television Authority (NTA), shows that the APC and a cabal in the Presidency are in a huge financial racket, for which they are ready to plunge Nigerians into more suffering.
“In approving the loan, even after it was clear that Nigerians are averse to it, the APC senators have confirmed that they are in league with other APC leaders to fleece our nation and bring more hardship to Nigerians.
“The party notes as disheartening that under the Buhari Presidency our foreign debt has continued to accumulate with nothing to show other than excruciating unemployment rate, decayed infrastructure, a worsening governance system, escalated insecurity and unprecedented poverty,” the statement read in parts.
