Foreign loan amounts to electoral fraud, says CPC

Former president Olusegun Obasonjo praised for paying off Nigeria’s debt. 

The Congress for Progressive Change has described the intention of the federal government to obtain a foreign loan as “part of election fraud.” The party equally said the timing of the loan is suspicious especially considering the fact that the general elections is just some months ahead.

It said since the tenure of a number of political appointees at all levels of governance is almost coming to an end, the loans could be used to facilitate their elections ‘rather than the purpose they are meant to serve.’

The party’s National Publicity Secretary, Aghanya Dennis praised former President Olusegun Obasanjo saying the former number one citizen delivered Nigeria from the hands of the Paris Club by ensuring that all our foreign debts were cancelled.

“But within a space of time the current regime came into power, our foreign reserve which had earlier gone up was not only depleted but our debt profile also went up in a geometrical order,” Mr Dennis said. “As if this development is not worrisome enough, there is another request before the senate to give another approval for both the state and federal government to borrow to the tune of about 20 billion US Dollars.”

Mortgaged future

The party said although some of the states said they intend to use the loans for capacity building and manpower development, while others said it is for provision of infrastructures, this might change once the money gets to them.

“During the debate at the Senate, some of the Senators who were in support of the loan canvassed for it on the bases that for the next 10 years the country would have to pay nothing, but such argument does not put into consideration what becomes the fate of our children who would inherit the burden of such borrowing,” the CPC said. “Definitely, no loan is interest free and as such must be paid some time. You don’t cross a bridge and want it to collapse. What of those coming behind?” The congress called on Nigerians, especially civil society organizations to come out and resist the approval of such loan.

“Nobody should be allowed to mortgage the future of our youth. We should be responsible parents and consider the future of our children while making and implementing any government policies. The CPC is against these loans under any guise,” he said.

Source:234next.com