Published On: Thu, Oct 27th, 2016

Resistance to Buhari’s external borrowing

ABUJA, (CAJ News) -THERE is mounting opposition to the proposed plan for external borrowing of $29,96 billion by Nigeria President Muhammadu Buhari.

The main opposition party disagreed with the All Progressives Congress-led Federal Government on the move and call on Buhari to explain instead how it had spent funds reportedly recovered from looters.

The opposition party added that the government budgeted the N6,07 trillion for the 2016 fiscal year with deficit of N2,22 trillion.

PDP said the breakdown of the budget showed that N1,8 trillion was budgeted for capital expenditure yet Buhari was seeking to borrow over N9 trillion ($29,960b) for critical infrastructure.

“This is absurd and way outside the Government budgetary provisions for  Capital Expenditure and must be rejected by all well-meaning Nigerians,” PDP spokesman, Dayo Adeyeye, said.

PDP is downbeat of the country’s economic prospects under the current regime.

“We again call on all Nigerians to speak with one voice and stop President Buhari from further destroying of our great nation, Nigeria, and by extension, Africa,” said Adeyeye.

CAJ News

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