Thursday, 3 November 2016

APC asks Senate to reconsider rejection of $30bn loan

The South-East zone of All Progressives Congress, APC, has appealed to the Senate to reconsider its rejection of the $29.680 billion loan requested by President Muhammadu Buhari for provision of infrastructure between 2016 and 2018, pointing out that the rejection was not only ill-advised, but an ill-wind that would not blow anyone any good. 

This was contained in a statement by the Zonal Publicity Secretary of the party in the area, Hyacinth Ngwu, in Enugu yesterday. The statement read: “We believe the loan, which is within the acceptable Debt Management Office, DMO, debt threshold of 19.39 per cent for External Debt/GDP ratio and far below 56 per cent debt threshold for External Debt/GDP ratio by the World Bank’s Country Policy and Institutional Assessment, CPIA, for countries in Nigeria’s peer group, respectively, is sustainable in the medium term.” 

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