The ruling All Progressive Congress (APC) has stated that the foreign loans obtained by the President Muhammadu Buhari’s led administration was collected for the sole aim of improving the life standard of the Nigerians. ayokinews.com reports
President Buhari had earlier on Tuesday request the approval of the Nigerian National Assembly to obtain a loan of $4,054,476,863 and €710 million, in an addition to the 2018-2020 borrowing plan.
Speaking on the development was the APC Caretaker Committee National Secretary, John Akpanudoedehe, who defended the federal government’s proposed borrowing plan saying the move was for the purpose of developing critical and important sectors of the Nigerian economy and also to help in the reduction of poverty.
He noted that the proposed loans would help finance the deficit in the 2021 budget and also assist in achieving the country’s economic sustainability plan.
The statement reads; “Unlike in the brazen looting days of the Peoples Democratic Party (PDP), the borrowings are designed to finance the deficit in the 2021 budget to enable the realization of the Nigerian Economic Sustainability Plan, that touches key sectors such as infrastructure development, boosting healthcare services, strengthening agriculture to deepen food security, more energy generation and continued tackling of the ravaging COVID-19 global pandemic.
“From the foregoing, it is abundantly clear that the borrowing is hinged on genuine needs and based on the necessity to strengthen the foundation of the national economy and achieve the desired primary purpose of the government of uplifting the living standard of the citizens.
“It was in PDP’s era that loans to fund power generation, purchase arms and ammunition to fight a raging insurgency was misappropriated and diverted to fund PDP activities; and the borrowed money ultimately found its way to the pockets of cronies, friends and family members of administration officials.
“Nigeria is still servicing a $460 million loan taken from China to fund a phoney Abuja Closed-Circuit Television (CCTV) contract awarded in August 2010.”