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The Peoples Democratic Party has advised the National Assembly and Nigerians to reject a plan by President Muhammadu Buhari to borrow $29.96bn, saying the approach could not be the preferred solution to the economic quagmire.
Buhari had on Tuesday asked the National Assembly to approve the external borrowing plan to enable his government to raise funds to execute key infrastructure projects across the country between now and 2018.
The party said rather than borrow funds, Buhari should explain to Nigerians what his administration had done with the recovered looted funds and how the 2016 budget was faring.
The spokesperson for the Senator Ahmed Makarfi-led faction of the party, Prince Dayo Adeyeye, stated this in a statement in Abuja on Wednesday.
Adeyeye said the President must itemise what he intended to finance with the proposed borrowing of almost $30bn instead of lumping everything up in a coded term “and to plunge the nation’s future into a burden of debt”.
Buhari had on Tuesday asked the National Assembly to approve the external borrowing plan to enable his government to raise funds to execute key infrastructure projects across the country between now and 2018.
The party said rather than borrow funds, Buhari should explain to Nigerians what his administration had done with the recovered looted funds and how the 2016 budget was faring.
The spokesperson for the Senator Ahmed Makarfi-led faction of the party, Prince Dayo Adeyeye, stated this in a statement in Abuja on Wednesday.
Adeyeye said the President must itemise what he intended to finance with the proposed borrowing of almost $30bn instead of lumping everything up in a coded term “and to plunge the nation’s future into a burden of debt”.
