The ruling All Progressives Congress, APC, has replied to a criticism by the opposition Peoples Democratic Party, PDP, over its borrowing spree, saying the act “is for the good of the country”.
The APC National Secretary, Caretaker/Extraordinary Convention Planning Committee, CECPC, John Akpanudoedehe, in a statement on Wednesday, said the borrowing spree by the present administration is in sharp contrast with the brazen looting days of the PDP.
The statement noted that, “the borrowings are designed to finance the deficit in the 2021 budget to enable the realisation of the Nigerian Economic Sustainability Plan that touches key sectors such as infrastructure development, boosting healthcare services, strengthening agriculture to deepen food security, more energy generation and continued tackling of the ravaging COVID-19 global pandemic.”
Mr Akpanudoedehe added that it was in PDP’s era that loans to fund power generation, purchase arms and ammunition to fight a raging insurgency was misappropriated and diverted to fund PDP activities.
“…and the borrowed money ultimately found its way to the pockets of cronies, friends and family members of administration officials. Nigeria is still servicing a $460 million loan taken from China to fund a phoney Abuja Closed-Circuit Television (CCTV) contract awarded in August 2010.
“Borrowings by the President Muhammadu Buhari-led federal government is for the good of the country as the money is used to develop critical infrastructure that is stimulating economic growth, generating jobs, reducing poverty and improving the general well-being of the citizenry,” the statement added.