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October 31, 2017 at 10:54AM
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Nnenna Ibeh
- A Peoples Democratic Party chieftain has warned the National Assembly against approving the loan proposal by the president
- Mohammed Usman said the loan will mortgage the lives of younger Nigerians
- He said the President Muhammadu Buhari-led administration has succeeded in dragging Nigeria's economy to its worst index since 1999
An aspirant of national publicity secretary for the Peoples Democratic Party (PDP), Mohammed Usman, has urged the National Assembly to reject President Muhammadu Buhari's proposal for loan.
Usman during a briefing in Abuja on Monday, October 30, said the $5.5 billion (N1.98 trillion) loan proposed by the president would mortgage the future of younger Nigerians for the next forty years.
The PDP chieftain said the All Progressives Congress-led government has succeeded in dragging Nigeria's economy to its worst index since 1999.
Usman said approving the loan proposal for the president would amount to selling the future of Nigeria.
He said: "Allowing this loan proposal would create serious economic conundrums for Nigerians in the next forty years, when Buhari may not be alive."
“How can a nation seek loans without understanding the dynamics of the systems of how to generate funds? This APC government wants to sell the future of Nigerians and it must not be allowed.
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“Recall that during the Peoples Democratic Party administration, foreign debts owed before the advent of democracy in 1999 was written off and Nigeria had a clean bill of health. In that way, there was vibrant foreign reserve that sustained the value of our currency," Usman added.
He said the President Buhari led administration never meant well for Nigerians, while, “the Peoples Democratic Party government was able to put foods on the table of Nigerians, but APC came and changed this course as Nigerians can no longer afford to feed their families."
NAIJ.com earlier reported that the President Buhari administration's loan portfolio was growing rapidly.
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It was gathered that as at six months ago, the total government loan was at $6.92 billion.
The said loan was expected to be used in the railway modernisation, rehabilitation of the northeast, expansion of social safety net programme, among other things.
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Source: Naija.ng
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Buhari's loan proposal will mortgage the future of younger Nigerians for the next 40 years - PDP chieftain warns
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