₦airaland Forum

Peoples Democratic Party (PDP) has called on the National Assembly to ensure the prudent use of the N850 billion loan it approved for the Federal Government on Tuesday.

Recall that the Senate on Tuesday approved President Muhammadu Buhari’s request for N850 billion loan from the Capital Market to finance projects in the 2020 budget.

It further mandated its Committees on Finance and Appropriation to liaise with the Minister of Finance, Mrs Zainab Ahmad for details of the loan.

Reacting, the party in a statement issued by its National Publicity Secretary, Mr. Kola Ologbondiyan, in Abuja, also advised the presiding officers of the Senate to ensure prompt repayment of the loan.

Ologbondiyan expressed concerns over what he described as hasty approval of the N850 billion loan as requested by President Muhammadu Buhari.

He said that the party was concerned that in spite of the huge natural and human resources at the disposal of the country, the government was still accumulating loans, without repayment plans.

Ologbondiyan also expressed worry over the transparency and management of the country’s loans.

“The PDP, therefore, charges the Senate Presiding officers to note that in approving this loan, the nation holds them responsible to ensure strict oversight monitoring of the handling of the money.

“This is especially as it is being sourced from the capital market, which hosts investments by private individuals and firms.

“The Senate must ensure judicious use of the funds as well as prompt repayment.

“This is because our nation cannot afford any default, as such is capable of crippling the capital market and worsening the economic hardship already being faced by Nigerians,” he said.

Ologbondiyan advised the Federal Government to articulate innovative ways to create wealth and plug wastes, instead of resorting to borrowing.

He said what was expected of the government at a time such as this was to immediately cut on luxury.

The PDP spokesperson also advised the government to slash the number of presidential appointees, cut down huge allowances and maintain a lean budget that would centre on health, research and growth of the economy among other critical needs.

“The PDP, therefore, urges all stakeholders, particularly fiscal transparency groups, the Nigeria Corporate World and management of the capital market to protect Nigerians by closely monitoring the performance of the loan.

“This is to guarantee effective management and prompt repayment,” Ologbondiya added.


https://dailypost.ng/2020/04/28/pdp-reacts-as-senate-approves-n850-billion-loan-for-buhari/

I pity for myself and the masses.
Of course, this money wont be channeled to do what will benefit the populace.
It's as sure as death that the N850 billion loan will be looted.
God save Nigeria.
God help Nigeria.
God bless Nigerians.

PDP is actually a very useless party.. Nigerians should be stoning APC by now if PDP knew what they're doing.. throughout the years they spent ruling this country, they never committed half the atrocities the satanic party APC have committed in just five years. During Jonathan's tenure as president, we all saw what APC did, they staged both offline and online protests, every single fault was called out by APC . Now APC is about to plunge this country into a ditch of backwardness and the major opposition party is doing nothing. Dadiyata spoke against el eufai he's missing four close to a year now, if PDP use that alone APC might never win any election in this country again

The reactor at it again

Uranium-235 (235U)

Buhari wet don sell Nigeria...



See what SW sophistication and hatred have caused.... Chai..

I just pray our debt servicing to revenue does not get to 50% in a recessive economy and a population of 200m afflicted by pandemic without tangible result on the borrowed funds.

Nigeria scares me...

Buhari will destroy Nigeria before stepping out of power. It's clear that Nigerians made the greatest electoral mistake by gifting "this bereft of idea" General the Presidency in 2015 and 2019. The man will borrow Nigeria out before 2023.

helinues:
The reactor at it again

Uranium-235 (235U)

Lolz