N850bn Loan: Buhari is wrecking our economy, amassing huge problems for our future —PDP

The Peoples Democratic Party (PDP) has expressed concerns over the hasty approval of another loan of N850 billion for President Muhammadu Buhari’s government by the All Progressives Congress (APC)-led Senate.

The party said Buhari administration’s over dependence on loans was wrecking the country’s economy and amassing huge problems for the future generations.

In a statement by its National Publicity Secretary, Kola Ologbondiyan, the PDP frowned that the Senate approved the loan despite allegations of financial recklessness and lack of accountability that have dogged the administration.

“The party is further concerned that the Buhari-led administration had, in its incompetence, failed to articulate tangible wealth creation programmes to buoy our 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 our nation.

“Nigerians are alarmed that the Buhari administration’s over dependence on loans is wrecking our economy while amassing huge problems for our future generation.

“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 statement read.

It told the Senate presiding officers to note that in approving the loan, that the nation would hold 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 PDP said.

It called on 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.