The Peoples Democratic Party has said that the National Assembly must hold a public hearing on the $29.96bn foreign loan request forwarded to it by the President, Major General Muhammadu Buhari (retd).
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The PDP Deputy National Publicity Secretary, Mr. Diran Odeyemi, stated this in an interview with our correspondent in Abuja on Thursday.
He said the party would continue to oppose the infliction of heavy debt burden on the nation.
He added that it would be worse if such a loan request was not allowed to go through the normal legislative process so that the public could contribute to its rejection or approval.
He said Nigerians must be allowed to verify and constructively criticise the requested loan.
He alleged that the All Progressives Congress-led Federal Government had not been judicious in the management of national resources.
He also accused the government of lack of transparency in its activities.
Odeyemi said, “Transparency in government action is a necessary feature to breed public trust.
“Failure to hold a public hearing would only send a message to the public about the necessity of the loan.
“The position of the PDP has always been that government has to be creative in finding ways to finance its activities and curb the heavy reliance on foreign loans with its attendant consequences.
“The APC-led government at the centre has been characterised by high-levels of borrowing that have necessitated extreme options such as high ratio debt servicing cuts to basic social amenities and heavy new taxation of the public.
“While it is conceded that loans are an inevitable finance source for governments around the world, they must be backed by reasoned fiscal necessity and be utilized effectively in infrastructural development.
“Over the years, there has been a lack of transparency in the management of the national debts incurred so far particularly with regards to the tenor, interest rates and terms of repayment and what happens in the event of default.
“A public hearing would afford the general public the opportunity to hear, verify and constructively criticise the intended loan so as to arrive at what best represents the interest of Nigeria and its future.
“Nigeria deployed more than half of its earned revenue (which includes new and old taxes levied against the public) between 2017 and 2019 to service debts.”
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