By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: PDP Calls On Nigerians to Stop President Buhari from Borrowing $29.9 Billion
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

PDP Calls On Nigerians to Stop President Buhari from Borrowing $29.9 Billion

Farouk Mohammed
By Farouk Mohammed
Published: October 26, 2016
Share
2 Min Read
SHARE

PDP

The Peoples Democratic Party has called on Nigerians to stop President Muhammadu Buhari from borrowing $29.960b for the execution of key programmes and infrastructural projects across the country.

PRESIDENT-BUHARI-1024x683-2-1024x683-1-1024x683-1-1024x683-1-1024x683-1-1024x683-1024x683-2-1024x683-1-1024x683-1024x683-1-1024x683-1
It also asked the National Assembly not to approve the request by the President.

It said it disagreed with the Federal Government on this move, and called on President Buhari to explain to Nigerians what his administration had done with the recovered looted funds.

Contents
PDPThe Peoples Democratic Party has called on Nigerians to stop President Muhammadu Buhari from borrowing $29.960b for the execution of key programmes and infrastructural projects across the country.It also asked the National Assembly not to approve the request by the President.

Spokesperson for the Senator Ahmed Makarfi-led faction of the party, Prince Dayo Adeyeye, stated this in a statement in Abuja on Wednesday.

Adeyeye said that President Buhari must itemise what he intends to finance with the proposed borrowing of almost $30b instead of lumping it up in a coded term, “and to plunge the nation’s future into burden of debt.”

More so, he said that the President’s approach cannot be the preferred solution to the economic quagmire which he said was created by the present government.

- Advertisement -

Adeyeye, a former minister of state for works said, “This Government budgeted N6.07trn for the 2016 Fiscal Year with deficit of N2.22trn and according to the breakdown, N1.8trn was budgeted for Capital Expenditure and President Buhari is now seeking to borrow over N9trn ($29.960b) for ‘critical infrastructure’.

“This is absurd and way outside the Government budgetary provisions for Capital Expenditure and must be rejected by all well-meaning Nigerians.

“Nigerians will recall that the Minister of Information, Culture and Tourism, Alhaji Lai Mohammed in June 2016 made public through a press statement, an account of recovered looted funds between May 2015 to May 2016 amounting to the sums of N78.3b, $185.1m, £3.5m and €11,250m in cash; while others were under interim forfeiture. What happened to the recovered funds?

“Or is it the same funds the EFCC and Department of State Services are planting in houses of opposition figures and Justices instead of channeling it into the economy?”

- Advertisement -

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:buharipdp
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Starting Lineup: Manchester United vs Manchester City – EFL Cup
Next Article “Say No to Gender Equality” – FUNYUD

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit
News
NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”
News
Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured
News
- Advertisement -
Ad imageAd image

You May Also Like

Sport

Victor Osimhen Returns to Nigeria as Al Hilal Transfer Hangs in Balance Ahead of FIFA Club World Cup

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Mike Ejeagha
News

Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95

Muhammad A. Aliyu
Muhammad A. Aliyu
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?