MoneyPoliticsWhy FG Keeps Obtaining Loans – APC

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ABUJA — The All Progressives Congress (APC) has said the loans obtained by the federal government are directed toward improving the welfare of the citizens.

According to the ruling party, the series of debts incurred by President Muhammadu Buhari’s administration was a result of the desire to uplift the living standard of Nigerians.

In a statement issued on Wednesday, John Akpanudoedehe, the party’s caretaker committee national secretary, said borrowings are based on a genuine need to strengthen the foundation of the national economy.

On Tuesday, Buhari had sought the approval of the national assembly to borrow sums of $4,054,476,863 and €710 million, in an addendum to the 2018-2020 borrowing plan.

A move that wasn’t welcomed by many Nigerians.

But Akpanudoedehe said the loans will enable the realisation of the country’s economic sustainability plan as they are designed to finance the deficit in the 2021 budget.

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 realisation 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 were 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 phony Abuja Closed-Circuit Television (CCTV) contract awarded in August 2010.”

Beloved John (Staff Writer)

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