Senate Approval Of N850bn Loan: PDP Expresses Concerns, Demands Accountability
BY GRACE ANYANWU, ABUJA – The Peoples Democratic Party (PDP) has expressed serious concerns over the hasty approval of another loan of N850 billion for President Muhammadu Buhari’s administration by the Senate, despite allegations of financial recklessness and lack of accountability that have dogged the administration.
The PDP particularly said that it is further concerned that the Buhari-led administration had, in its “incompetence,” failed to articulate tangible wealth creation programmes to buoy the economy, despite the huge natural and human resources at its disposal.
The party said that the APC-led administration relishes only in accumulating loans, without precise repayment plans, thereby pawning the economy as well as the future of our nation.
A statement by the spokesman of te PDP, Mr Kola Ologbondiyan said that Nigerians are alarmed that the Buhari administration’s over dependence on loans is wrecking the nation’s economy while amassing huge problems for the future generation.
The PDP further said; “It is even more worrisome that the loans are not transparently managed as most of them are 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.
“What is expected at a time like this is 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 will center on health, research and growth of our economy among other critical needs.
“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 PDP also said that the Senate must ensure judicious use of the funds as well as prompt repayment, adding that this is because the nation cannot afford any default, as such is capable of crippling the capital market and worsening the economic hardship already being faced by Nigerians.
It therefore 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.
