THE Peoples Democratic Party (PDP) has accused President Muhammadu Buhari of seeking a $2.1 billion loan from the World Bank “for purposes unknown to Nigerians”.
The party challenged Buhari to explain the terms and projects for which the alleged loan was being sought, even as it called for the publication of details of public expenditure by the two-month old administration.
At a news conference in Abuja yesterday, the National Publicity Secretary of the PDP, Chief Olisa Metuh, alleged that the Presidency was acting alone in the alleged loan arrangement.
“What is the loan for? What are the terms and who are those working the papers? Who are the people to decide on how the money will be spent? Is it true that the $2.1 billion loan is meant to pay back huge contributions for the APC presidential campaign expenses?
“If truly this government is transparent, it should come out clear on this loan as well as publicise details of its expenditure in the last two months.
“This is more so as we have information that the Presidency acting alone, has gone into discussions with the World Bank for a loan of $2.1 billion for purposes unknown to Nigerians”, Metuh stated.
The party expressed worry over what it described as “ineptitude, avoidable inactivity, lack of policy direction and absence of ministers” to coordinate government affairs.
These, the PDP said, had left the nation’s economy sour with continued slide in the naira, which it said has fallen from under N200 to the dollar in May to an all time low of N240, “in addition to the excruciating loss in the capital market, which has lost over N1.1 trillion in the last two months”.
The party predicted more economic losses for the country and doom for the “gains earlier achieved by the PDP administration in growing the economy to the biggest in Africa and one of the fastest growing in the world”.