Approve $29.96bn loan request, APC begs Senate

– The South-East chapter of the All Progressives Congress (APC) has urged to the Senate to approve the $29.96bn loan request by President Muhammadu Buhari

–  The publicity secretary of South East APC, Hyacinth Ngwu, described the Senate’s rejection as an “ill wind that would blow no one any good”

– The South-East APC added that the loan would help Nigeria to come out of recession

The South-East chapter of the All Progressives Congress (APC) has appealed to the Senate to reverse its decision to reject the $29.96bn loan request by President Muhammadu Buhari

The publicity secretary of South East APC, Hyacinth Ngwu, in reaction to the lawmakers’ decision, described the Senate’s rejection as an “ill wind that would blow no one any good”.

Hyacinth in the statement at Enugu, said: “The All Progressives Congress in the South-East geo-political zone, has appealed to the members of the Senate of the Federal Republic of Nigeria to rescind their rejection of the $29.680bn loan planned for the three fiscal years of 2016-2018.

“The rejection of the request by the Senate is ill-advised and an ill wind that blows no one any good.”

The South-East APC added that the loan would help Nigeria to come out of recession.

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 “We also believe that the only quick way out of the present economic recession, which has thrown the masses into untold hardship and weakened all productive sectors of the economy, is by massive spending by the government.

 “And with the fall in oil production and its price, the only rational way for government to raise enough fund to exit the economy from recession is through external borrowing which has the advantage of long maturity profile, very little interest rate and creates large space for domestic borrowing by the private sector participants,” the party said.

Recall that on Tuesday, November 1, the Senate rejected the consideration of a request by President Muhammadu Buhari for a $29.9bn External Borrowing Rolling Plan over a period of three years.

Ali Ndume, the leader of the Senate, said that the request was rejected due to the absence of certain documents that should have accompanied the letter.

However the presidency said it had noted the issues raised by the Senate and that it would provide additional information as requested by the legislature.

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