PRP asks N/Assembly to reject Buhari’s request to borrow $29.6bn

The Peoples Redemption Party (PRP) has urged the National Assembly not to approve President Muhammadu Buhari’s request to borrow $29.6bn.

The PRP in a statement yesterday by its National Publicity Secretary, Alhaji Abdul, said Nigerians had not been shown how and where previous borrowings had been used.

The party added that the rising debt stock might further impoverish the nation that currently spends about 50% of its revenue in servicing existing debts.

The party argued that further spending to service more debts would cripple the nation’s economy and send Nigeria into further social problems.

“On the federal government’s SSOOm borrowing from African Development Bank under Staple Crops Processing Zone Development, the citizens of Nigeria want to know as to what ‘Staple Crops Processing Zone Development’ mean, what benefits would accrue to Nigerians from this debt and how would all the debt be repaid?

“Mr Senate President, as you have assigned to yourself the role of the Chief Spokesman of this APC government, we demand to know from you answers to the aforementioned questions as well as the details of all the rest of the borrowing totaling $29.6 bi|lion.

“Until we know these details, we are in sync with the stand taken by Alhaji Atiku Abubakar on these debts of $29.6 billion but unlike Alhaji Atiku Abubakar, we would urge the citizens of this country and the states to occupy the National Assembly if you fail to stop these borrowings,” the party said.

On the proposed N37 billion for renovation of the National Assembly complex, the party said,”We have a strong voice that we as a nation must reduce the cost of the legislature by cutting down their costs to the nation or abolishing the bicameral legislature for a unicameral legislature as we are indeed a poor nation but only pretending to be a rich nation.”