APC Defends Buhari’s Reckless Borrowings, Says ‘Borrowing Is For Interest Of The Nation’

APC Defends Buhari’s Reckless Borrowings, Says ‘Borrowing Is For Interest Of The Nation’

The All Progressives Congress (APC) today September 15, 2021 dismissed the national outrage over unrestrained and unwarranted borrowing by the President Mohammadu Buhari led government, insisting that it was for Interest of Nigeria and its citizens.

The party through its National Secretary, John James Akpanudedehe maintained 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”.

According to Senator Akpanudedehe, 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”.

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The borrowings, he added, are used  to finance the deficit in the 2021 budget to ensure 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 os 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 government of uplifting the living standard of the citizens.

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“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.

“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.

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“In a welcome and commendable change, the Buhari-led adminstration 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 administation.

“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.

Uche Nwosu is a two time Shell Petroleum PLC award winner in the year 2000;
He won the Shell Award on Investigative Journalism and Environmental Cleanliness.

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