News Column

APC Seeks Thorough Scrutiny of Jonathan's U.S.$1 Billion Loan Request

July 21, 2014

Balarabe Alkassim

The All Progressives Congress (APC) has called on the National Assembly to properly look into the request by President Jonathan for a $1 billion loan to fight the Boko Haram.

A statement by the party's National Publicity Secretary, Lai Mohammed said the "administration has no business borrowing money if it had accounted for the US$20 billion in oil funds or plugged the official stealing of 300,000 barrels of oil per day."

The request was informed by massive corruption and lack of accountability on the part of the federal government, it alleged.

The party said even if the missing oil fund is only between 10 and 12 billion dollars as admitted by the federal government, "the amount represents more than 10 times the fund which the federal government is now seeking to borrow under conditions that are yet unknown."

It described as disingenuous and sheer blackmail the argument that the money is for national security or that it would facilitate the release of the over 200 school girls who were abducted about 100 days ago.

"That argument is hollow. In the first instance, trillions of Naira has been allocated yearly - in the past few years - for security and defence, yet the fight against the insurgents rages on with deadly consequences.

"Secondly, the only reason the school girls have remained in captivity is the sheer cluelessness and incompetence on the part of the Jonathan administration, which waited for all of 19 days before even admitting that the girls were kidnapped in the first instance," the APC said.

It said putting more money "in the hands of an incompetent and massively corrupt administration can only encourage more incompetence and corruption. That is why we are asking the National Assembly to put national interest above all other considerations by taking a dispassionate, non-partisan look at the President's request."

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Source: AllAfrica

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