PDP knocks Senate for approving Buhari’s $22.7bn loan request

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The opposition Peoples Democratic Party (PDP) has condemned the approval for a fresh  $22.7 billion loan, saying the move will worsen Nigeria’s financial burden.

This was contained in a statement signed by Kola Ologbodiyan, the party’s national publicity secretary.

The statement noted taht ” in approving more financial burden on our nation, the APC senators have further shown that their party does not have the interest of Nigerians at heart, but is only out to repress and plunge our citizens into more hardship just for their selfish gains.”

The opposition also expressed worry that the Senate approaved the loans despite no clear justification for the request.

“The fact that the $22.7 billion loan request brimmed with unexplained, obscure, over-bloated and questionable subheads, such as the scandalous $500 million dollars (N180 billion) smuggled in under the guise of upgrading the Nigerian Television Authority (NTA), shows that the APC and a cabal in the Presidency are in a huge financial racket, for which they are ready to plunge Nigerians into more suffering.”

Lawmakers approved the request after considering the report of the Senate Committee on Local and Foreign Debts.

Following this, opposition lawmakers in the House demanded to know details of the loan request, insisting that the Presidents request cannot be approved without necessary detail on how the money will be spent.

In his recent letter, Buhari explained that the external borrowing plan targets projects cuts across all sectors with special emphasis on infrastructure, agriculture, health, education, water supply, growth and employment generation.

President Buhari had sent the same request to the eighth Senate under Bukola Saraki in 2016. The president requested for about $30 billion but the then lawmakers turned down the request as the majority voted against it when it was brought for consideration.

The approved loan will be funded by World Bank, African Development Bank (ADB), Islamic Development Bank (IDB), Japan International Cooperation Agency (JlCA), German Development Bank (KFW), China Exim Bank and French Development Agency.




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