As prices of crude oil drops at international market, the main opposition party in Nigeria, the Peoples Democratic Party, PDP, gave this advice while reacting to a fresh move to secure external N850 billion loan.
According to the party, in a new statement on Tuesday, 28th April, the current administration is only destroying the country’s economy with continued borrowing.
The party said;
The PDP holds that instead of constantly resorting to borrowing, the Federal Government should articulate innovative ways to create wealth and plug wastes
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.
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