Reject President's $30B loan proposal - PDP tells NASS

President Muhammadu Buhari's appeal to the National Assembly to borrow $30billion might suffer a set back as the PDP has disagreed with the proposal.

In a recent statement by Dayo Adeyeye, the spokesman of the Peoples Democratic Party said the proposal will only plunge Nigeria into huge debts.

Adeyeye said: “We totally disagree with the APC led federal government on this latest move,  and call on President Muhammed Buhari to first and foremost explain to Nigerians what his administration has done with the so-called  ‘recovered looted funds’ and how far the 2016 budget is fairing.”

The party further said the President must itemise what he intends to finance with the proposed borrowing instead of lumping it up in a coded term, and to plunge the nation into debt.

Adeyeye further said: “Nigerians need to know how much revenue government has been able to generate from crude oil, non-oil and independent revenue sources since assumption of office from May 2015 to September 2016. This clarification will boost confidence of Nigerians on the management of their resources especially in this period of recession before thinking of engaging in external borrowing.

“Let us state unequivocally, that history will not forgive this APC government and its collaborators if they allow this injustice and maladministration to our economy and citizens to stand. We therefore call on the two chambers of the national assembly to reject this anti-people request by an anti-people government that has no genuine interest for the growth and development of the people of this country,” he said.

President Muhammadu Buhari had on Tuesday, October 25, 2016 approached the National Assembly to get an approval to get a loan of $30billion to enable him execute key programmes and infrastructural projects across the country.

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