The All Progressives Congress (APC) says borrowings by the President Muhammadu Buhari-led Federal Government are to finance development projects in the country.
Sen. John Akpanudoedehe, National Secretary, APC Caretaker and Extra-ordinary Convention Planning Committee (CECPC) said this in a statement in Abuja on Wednesday.
Akpanudohedehe was reacting to criticism by the Peoples Democratic Party (PDP) on the development.
He explained that the borrowed money was being used to develop critical infrastructure to stimulate economic growth, generate jobs, reduce poverty and improve the general well-being of Nigerians.
He said that unlike in the past, the recent borrowings were designed to finance the deficit in the 2021 budget.
He added that the borrowings was to ensure the realisation of the Nigerian Economic Sustainability Plan that touched key sectors of the economy.
Akpanudohedehe said this included infrastructure development, boosting healthcare services, strengthening agriculture to deepen food security, more energy generation and continued tackling the COVID-19 global pandemic.
He said from the forgone, it was clear that the borrowing was hinged on genuine needs and based on the necessity to strengthen the foundation of the national economy.
He added that it was also to achieve the desired primary purpose of the government of uplifting the living standard of the people.
“It was in PDP’s era that loans for funding power generation, purchase of arms and ammunition to fight a raging insurgency were misappropriated and diverted to private pockets.
“And the borrowed money ultimately found its way to the pockets of cronies, friends and family members of the administration’s officials.
“Nigeria is still servicing a 460 million dollar loan taken from China to fund a phoney Abuja Closed-Circuit Television (CCTV) contract awarded in August 2010.
“Nigerians should also reflect and recall that the PDP had in its 16 years of misrule pushed the country into a dark ditch of insolvency, and a period in which most state governments could not pay workers salaries,” he said.
He noted that under the PDP administration, state governments could not even pay the minimum wage or settle contractors’ bills and cater for patients in hospitals.
He said in a welcome and commendable change, the Buhari-led administration through its economic management skills bailed out states to pay salary backlogs.
He said the administration also embarked on large-scale infrastructure development projects that stimulated the economy and exited the era of insolvency and recession caused by the PDP administration.
Akpanudohedehe said the APC welcomed the continued and multi-partisan cooperation which existed between the executive and legislature on national issues.
According to him, this will ensure good governance, particularly in the area of economic development, adding that the country and citizens are the ultimate beneficiaries.