The All Progressives Congress (APC) says the President Muhammadu Buhari’s government is borrowing to address the country’s infrastructure deficit which would in turn stimulate the economy.
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.
But in a statement on Wednesday, the APC 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.
“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 statement signed by the National Secretary of the APC Caretaker/Extraordinary Convention Planning Committee (CECPC), Sen. John James Akpanudoedehe, read.
The APC, which accused the PDP of pushing the country into “insolvency” to the extent that some states were unable to pay workers their salaries, 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,” the statement added while praising the cooperation among the three arms of government.
According to the ruling party, the cooperation will “ensure good governance, particularly in the area of economic development. “The country and citizens are the ultimate beneficiaries.”