Buhari Plans To Mortgage Nigeria’s Future With Borrowing – PDP | Independent Newspapers Limited
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Buhari Plans To Mortgage Nigeria’s Future With Borrowing – PDP

Posted: Dec 23, 2015 at 11:43 am   /   by   /   comments (0)

The Peoples Democratic Party (PDP) has said that the N6.08 trillion 2016 federal budget presented by President Muhammadu Buhari yesterday was a conspiracy tailored towards mortgaging the future of the nation.

The party particularly queried the proposed N2 trillion, which the president said would be borrowed to finance the budget. In a statement by its National Publicity Secretary, Chief Olisa Metuh, PDP accused the Federal Government of using its bogus welfare programme and phantom capital projects as cover and conduit to syphon the funds to satisfy partisan interests, particularly to settle huge campaign debts.

“It is obvious that this budget is an extension of the campaign promises of the All Progressives Congress (APC) government, presented as a manifesto filled with bogus promises which implementation will be inconclusive, thereby allowing the APC to once again deny their promises,” the statement added.

According to the PDP, there has never been any known economy in the world where government deliberately mortgage the future of its nation by borrowing excessively to finance partisan interests while hiding under bogus welfare programmes.

It alleged that this is the first in the series of borrowings by the governing APC, which would leave the future generation of Nigerians under the burden of huge debts after four years.

The party said the budget clearly shows that after seven months in power, Buhari and his party were yet to differentiate between governance and campaign propaganda. “By all standards, the 2016 budget, the first major economic policy outing of this government, is completely unrealistic and duplicitously embellished with impractical predications, a development that confirms fears by economy watchers and investors that this administration is obviously ill-equipped for governance.

“We are indeed shocked that President Buhari and his Minister of Information have come up with two different reasons for the current fuel crisis in the country,” PDP noted.

It stated that the official endorsement of Buhari to the devaluation of the naira contradicts his campaign promise of firming up the value of the nation’s currency even to one naira per a dollar. “Does it mean that Mr. President lied his way to power, or that he did not understand the complexities of governance when he was making his false promises to Nigerians?

“In future, there is need to regulate campaign promises so that we will not end up with a government that promises to climb Mount Everest with bare hands and end up mortgaging our future with orchestrated borrowings,” the party stated.