PRP Kicks Against FG’s Move To Borrow $29.6 billion
… Says, Excessive Borrowing Would ImpoverishThe Nation
Kaduna, North-West, Nigeria
The People’s Redemption Party, PRP, has raised concern over Federal Goverment’s move to borrow the sum of $29.6 billion.
Such move by the Executive if approved by the Senate will further impoverish the nation it said.
This was contained in a statement signed by its National Publicity Secretary, Alhaji Abdul Gombe, and made available to newsmen in Kaduna yesterday.
The statement disclosed that currently the nation spends about 50 percent of its revenue on servicing existing debts. Excessive borrowing according to the party would cripple the economy and send the polity into more social problems.
“Since our Media Dialogue, we have heard comments of the Federal Minister of Finance, the Senate President, the former Vice President, Atiku Abubakar and a number of commentators.
“Whilst we agree as urged by the pro-borrowing speakers that there is need to borrow to finance capital projects where there is budget deficit, we would like to say that these people are not addressing these concerns on ever increasing national debt.”
PRP therefore calls on the National Assembly not to approve the request of the Executive that sought approval of the Senate to borrow additional $29.6 billion which it said would increase the total national debt from the current position of $64 billion to $103
PRP also called on the Senate to also look into Kaduna State Government’s plan to borrow $350 or N127 billion.
Kaduna state it said, occupies ninth position amongst the most indebted states in Nigeria, with total debts of N162 billion against internally Generated Revenue of N44 billion per annum.
The party has challenged the Kaduna state Government to explain how the previous N164 billion debt borrowed was used.
On the National Assembly expenditure, the statement with a strong voice has expressed the need to reduce the cost of legislature by cutting down their cost to the nation or abolishing the bicameral legislature for a unicameral legislature as “we are in deed a poor nation but only pretending to be a rich nation.”
The PRP therefore condemns Mr. Presdent’s approval of N37 billion granted for the renovation of the National Assembly which its states is coming at a very critical time.
The party however is reminding the National Assembly that, “Government is a sacred trust of the people and they should discharge this trust by promoting public good” which according to them, the current keadership of the assembly is not doing.
They were elected to among others, checkmate the excesses of the Executive Arm. The statement added.