The National Chairman of the All Progressives Congress (APC), Abdullahi Adamu has come under fire for making a statement, asserting that the Federal Government can borrow ‘from here to eternity.’
Debo Ologunagba, The PDP spokesman, criticised the party leader for justifying the debt accumulated by the Nigerian government under the Muhammadu Buhari-led administration, which he stated that the loans were for consumption.
The country owes more than N41.60 trillion in foreign debt, and President Major General Muhammadu Buhari (ret.) has been lambasted for obtaining loans to fund national projects.
On Monday, Adamu contended that nations like the United States and the United Kingdom borrow money from international financial firms to satisfy their prerequisites. He said this while speaking on a TV program on Trust Television.
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Adamu stated that Nigeria could borrow money to develop its infrastructure, just like other nations.
He said, ‘I remember a program we had here, I told you and I thought you believed me that I have no quarrel, issues with government borrowing. Government can borrow from here to eternity. The American government borrows, the Canadian government borrows, the United Kingdom borrows, France borrows money from the World Bank and such other institutions.’
‘You also have to appreciate the fact of the level of revenue accruing to the government, oil is the main thing. We want to see how best we can diversify. These issues affecting the revenue accruing to the government are not our making no matter how good we are, they happen.’
‘When some countries sneeze we catch a cold. The Ukrainian crisis with Russia is having an impact on our economy and even in bigger economies than our own so why do we limit ourselves in our thinking.’
Adamu claimed that some APC senators are backing Buhari’s impeachment undertakings since they were denied tickets to run in the elections of 2023.
But Ologunagba faulted Adamu’s stance, insisting that the APC-led regime had misappropriated the loans it took from foreign lenders.
Ologunagba, however, condemned Adamu’s viewpoint and maintained that the APC-led government had misused the funds it had obtained from foreign creditors.
The PDP spokesperson claimed that past PDP administrations had loaned in the past as well, but noted that it was for legitimate reasons and that they had reimbursed it.
He said, ‘Nigerians knew when they were free of debt, they knew when the nation paid off its debts and they knew the government that was borrowing. Borrowing responsibly and investing in people is good but when you borrow and you convert it into personal use. Their own is to borrow and steal, the PDP borrowed and invested.’
‘The transformation in the airports was the project of the PDP. We opened up the economy; the privatization scheme opened up the economy and Nigeria was almost the number one destination point for investors. So, it is irresponsible and we are not expecting anything more from the APC government other than this level of impunity and recklessness.’
‘It is completely irresponsible for the APC chairman to say they can borrow till eternity. Why would the chairman of the party say that other than the fact they have complete disregard for us, for knowledge and for capacity? Borrowing is part of life but you must borrow responsibly.’
Ologunagba said that the ruling party had steered Nigeria into a financial mess and added that the Buhari administration needed to apologize to the people for its failure.
He added, ‘They (APC) borrow for consumption, they borrow to pay for frivolous trips abroad and for irresponsible junketing all over the world. Borrowing is meant to be for development, for infrastructural development. This is the most corrupt government ever in the history of this country.’
‘Everybody in the APC should be ashamed, they should be apologising to the Nigerian people for lying, for defrauding us. The good thing is that hope is on the way. Nigerians can make a comparison, they know which government borrowed responsibly and invested in human capital development, infrastructural development and education because without education, no country grows. This is the sixth month of the ASUU strike and the government has failed to address it.’
