By Ahmed Ajikobi

The All Progressives Congress, (APC) National Working Committee, (NWC) at the weekend defended the plan of the Federal Government to seek a $5.5 billion foreign loan adding that it was neither for payment of salaries nor ‘white elephant’ project.
The APC National Publicity Secretary, Bolaji Abdullahi stated this during the network news monitored on the Nigerian Television Authority (NTA) by our reporter last night.  According to him, the plan for the present administration to secure the loan was inevitable in view of the current economic realities in the country.
The statement read in part: “In reacting to the Peoples Democratic Party (PDP) recent statement on the plan by the President Muhammadu Buhari administrationto obtain  a $5.5 billion foreign loan, the All Progressives Congress (APC) urged the party to wake up to new realities that the days of borrowing to pay salaries and fund bogus projects are long gone.”
“The recent borrowing plans proposed by the President Buhari administration is no different as the President has clearly stated in his request to the National Assembly that the loan will be used to finance the 2017 budget deficit and invest in critical and verifiable infrastructure project which will ultimately grow the economy.”
Abdullahi condemned the Peoples Democratic Party (PDP) for its failure to safe for the rainy day in its 16 years of administration adding that its lack of fiscal discipline was responsible for the poor state of the economy.
Recall that the main opposition party in the country, the PDP, last week described the move as needless.
The spokesperson of the party, Dayo Adeyeye in a statement urged the government to be resourceful and look inwards to raise funds rather than stockpiling the country’s foreign debt.