The All Progressives Congress APC has dismissed the national outrage championed by the Peoples Democratic Party PDP against unrestrained borrowing by the President Mohammadu Buhari led administration, saying it was for the Interest of citizens.
The party through its National Secretary, John James Akpanudedehe said that the borrowing is hinged on genuine needs to “strengthen the foundation of the national economy and achieve the desired primary purpose of government, of uplifting the living standard of the citizens”.
Senator Akpanudedehe said President Muhammadu Buhari-led federal government is borrowing for the good of the country, stating that the loan is being deployed ” to develop critical infrastructure that is stimulating economic growth, generating jobs, reducing poverty and improving the general well-being of the citizenry.”
According to the party, the borrowings are used to finance the deficit in the 2021 budget to ensure 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.”
The party also lauded the cooperation between the executive and the national assembly, which it believes is geared to attain good governance.
“From the forgone, 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 phoney Abuja Closed-Circuit Television (CCTV) contract awarded in August 2010.
“Nigerians should also reflect and recall that the PDP had in its 16 years of misrule pushed the country into a dark ditch of insolvency, and a period in which most state governments could not pay workers salaries, not even the minimum wage, or settle contractors’ bills and cater for patients in hospitals, to name a few.
“In a welcome and commendable change, the Buhari-led administration through its economic management skills bailed out states to pay salary backlogs and embarked on large-scale infrastructure development projects that stimulated the economy and exited the era of insolvency and recession caused by the ineptitude of the PDP administration.
“The APC welcomes the continued and multi-partisan cooperation which exists between the executive and legislature on national issues. This will ensure good governance, particularly in the area of economic development. The country and citizens are the ultimate beneficiaries” the statement read.