Why Buhari’s Government Has Been Borrowing – APC

The ruling All Progressives Congress (APC) has said the Buhari administration is obtaining loans to finance the deficit in the 2021 budget and develop critical infrastructure in the country.

In a statement on Wednesday, Secretary of the APC Caretaker/Extraordinary Convention Planning Committee, Sen John James Akpanudoedehe, said the critical infrastructure was in turn stimulating economic growth, generating jobs, reducing poverty and improving the general well-being of the citizenry.

Buhari had, on Tuesday, asked the Senate to approve $4.054bn, €710m and $125m fresh external loans to fund projects captured under the 2018-2021 borrowing plan.

But the leading opposition People’s Democratic Party (PDP) asked the National Assembly to reject the President’s request and probe the Buhari government’s spending of all loans collected so far.

In its reaction, the APC said, “Unlike in the brazen looting days of the 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.”

-DailyTrust