By Mudiaga Affe and Kassim Omomia
The leading opposition Peoples Democratic Party (PDP) and ruling All Progressives Congress (APC) yesterday exchanged banters following President Muhammadu Buhari’s request for more loans to fund the 2021 budget.

President Muhammadu Buhari wrote to the House of Representatives to seek concurrence approval from the lawmakers to borrow $4 .5billion, €710 million, and another $125m external loans, amounting to N2.2 trillion to fund the 2021 budget.

Recall that the President similarly wrote to the Senate on Tuesday.

In the President’s letter read on the floor yesterday by the Speaker, Femi Gbajabiamila, the President explained that the facility is an addendum to the 2018-2021 Federal Government External Borrowing Rolling Plan.

The President said the funds will be further used to build and conclude on critical infrastructures in the country and deliver the projects on time.

The breakdown of the loan components contained in the 2018-2021 Federal Government External Borrowing Rolling Plan are: funds to be financed through sovereign loans from the World Bank, French Development Agency, China Exim Bank, International Fund for Agricultural Development (IFAD), and Credit Suisse Group and Standard Chartered/China Export and Credit (SINOSURE), accordingly: $4,054,476,863 plus Euro 710,000,000, and grant component of $125,000,000.00.

Two other correspondences for the consideration of two executive bills from the President were also read by the speaker.

They are the Light Weapons and Small Arms Control Bill and the Transmission of Explosive Bill 2021, which repeals the 1964 Explosive Act.

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But reacting to the development, the PDP lamented what it termed the reckless borrowing by the President Muhammadu Buhari-led government.

The opposition PDP described the demand as further mortgaging the country, warning the National Assembly to protect generations unborn.

In a statement by its National Publicity Secretary, Kola Ologbondiyan, the party lamented the reckless borrowing.

The opposition party noted that the All Progressive Congress-led government already accumulated N33.107trn debt, noting that the government had nothing to show but decayed infrastructure and a depressed economy.

“With the fresh request to take N2.66trn loan and an additional N5.62trn loan proposed for the 2022 budget, the government will put Nigeria in a N40trn debt with no clear-cut repayment plan,” the statement noted.

The opposition accused the Buhari government of engaging in excessive borrowing “instead of seeking ways to reduce the liability they have brought upon our nation.”

The PDP, therefore, called on the National Assembly to investigate hearing on all the loans collected by the president especially with allegations that they are being diverted to the personal pockets of APC leaders.

Responding to the PDP’s criticism, the APC through its interim National Secretary, John Akpanudoedehe, said the loans were for “the good of the country” and well-being of the citizenry.

The also accused the opposition party of looting foreign loans obtained during its 16 years rule rather than spending on infrastructure and economic growth.

He said, “It was in PDP’s era that loans to fund power generation, purchase arms and ammunition to fight a raging insurgency were misappropriated and diverted to fund PDP activities, and the borrowed money ultimately found its way to the pockets of cronies, friends and family members of administration officials. Nigeria is still servicing a $460m 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, not even the minimum wage, or settle contractors’ bills and cater for patients in hospitals, to name a few.”

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.

Akpanudoedehe said in a welcome and commendable change, the Buhari-led administration through its economic management skills bailed out states to pay salary backlogs.