It's for Nigerians: APC defends borrowing by Buhari's govt.

Buhari

President Muhammadu Buhari

The All Progressives Congress (APC) said Nigerians are the ultimate beneficiaries of the money borrowed by President Muhammadu Buhari’s government.

The party spokesman Sen. John James Akpanudoedehe stated this on Wednesday while speaking on the latest loan request by the President.

Buhari had on Tuesday written to the National Assembly, seeking approval to borrow the sum of $4,054,476,863 billion and €710 million, a move critics and members of the main opposition Peoples Democratic Party (PDP), have faulted.

Akpanudoedehe, however, begged Nigerians for cooperation.

He noted that the loan will “ensure good governance, particularly in the area of economic development. The country and citizens are the ultimate beneficiaries.”

The APC spokesman added that Buhari’s government is borrowing to address the country’s infrastructure deficit which would, in turn, stimulate the economy.

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He accused the PDP of mismanaging the country’s economy when the party (PDP) was in power, explaining that the borrowings will create employment, and strengthen agriculture among others.

He said: “From the foregoing, it is abundantly clear that the borrowing is hinged on genuine needs and based on the necessity to strengthen the foundation of the national economy and achieve the desired primary purpose of the government – uplifting the living standard of the citizens.”

The APC spokesman added that the PDP pushed the country into “insolvency” to the extent that some states were unable to pay workers their salaries.

He lauded the present administration for bailing out the states.

“In a welcome and commendable change, the Buhari-led administration through its economic management skills bailed out states to pay salary backlogs and embarked on large-scale infrastructure development projects that stimulated the economy and exited the era of insolvency and recession caused by the ineptitude of the PDP administration,” he added.