APC Reveals Why President Buhari’s Govt Has Been Borrowing, Tackles PDP
- The ruling APC has defended the continued borrowing by the President Buhari-led administration
- According to the ruling party, the loans are being obtained to develop infrastructure and uplift the living standard of Nigerians
- The ruling APC also tackled the PDP for asking the National Assembly to reject President Buhari's fresh request for loan
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FCT, Abuja - The All Progressives Congress (APC) has said the Buhari administration is obtaining loans to finance the deficit in the 2021 budget and develop critical infrastructure across the country.
Daily Trust reported that the ruling party made this known in a statement released by its spokesman, Senator John James Akpanudoedehe.
The APC argued that the critical infrastructure was, in turn, stimulating economic growth, generating jobs, and reducing poverty.
Legit.ng notes that the ruling party's statement comes as President Buhari asked the Senate to approve fresh loans.
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The APC further stated that the loans are being put to good use, claiming that it was under the administration of the Peoples Democratic Party (PDP) that loans were being misappropriated and diverted to fund political activities.
The ruling party's statement is a direct response to the PDP's message to the National Assembly, asking the lawmakers to reject President Buhari's request.
The Cable also cited the APC as saying that the loans obtained were borne out of the desire to uplift the living standard of Nigerians.
What I told Buhari about borrowings - Lawan
Meanwhile, Ahmad Lawan, president of the Senate, has advised President Buhari to reduce the external borrowings being incurred to fund the country’s annual budgets.
The principal lawmaker advised the president to, instead, focus on blocking financial leakages and avoiding wastage in all tiers of government.
Legit.ng gathers that Lawan said this on Monday, August 23, in Abuja, after a closed-door meeting with President Buhari at the State House.
Buhari borrows over N10 billion daily in the last six years
Each Nigerian is a debtor, owing over N160,000 due to the amount of loan borrowed by President Buhari since he came into power after the presidential election in 2015.
President Buhari has borrowed N21 trillion since July 2015, increasing Nigeria's debt to N33.1 trillion as of March 2021, according to data from the Debt Management Office (DMO).
A breakdown of the debt linked to President Buhari's administration showed that on a daily basis, the country secures over N10 billion within the last six years.