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The Congress for
Progressive Change has described the intention of the federal
government to obtain a foreign loan as “part of election fraud.” The
party equally said the timing of the loan is suspicious especially
considering the fact that the general elections is just some months
ahead.

It said since the
tenure of a number of political appointees at all levels of governance
is almost coming to an end, the loans could be used to facilitate their
elections ‘rather than the purpose they are meant to serve.’

The party’s
National Publicity Secretary, Aghanya Dennis praised former President
Olusegun Obasanjo saying the former number one citizen delivered
Nigeria from the hands of the Paris Club by ensuring that all our
foreign debts were cancelled.

“But within a space
of time the current regime came into power, our foreign reserve which
had earlier gone up was not only depleted but our debt profile also
went up in a geometrical order,” Mr Dennis said. “As if this
development is not worrisome enough, there is another request before
the senate to give another approval for both the state and federal
government to borrow to the tune of about 20 billion US Dollars.”

Mortgaged future

The party said
although some of the states said they intend to use the loans for
capacity building and manpower development, while others said it is for
provision of infrastructures, this might change once the money gets to
them.

“During the debate
at the Senate, some of the Senators who were in support of the loan
canvassed for it on the bases that for the next 10 years the country
would have to pay nothing, but such argument does not put into
consideration what becomes the fate of our children who would inherit
the burden of such borrowing,” the CPC said. “Definitely, no loan is
interest free and as such must be paid some time. You don’t cross a
bridge and want it to collapse. What of those coming behind?” The
congress called on Nigerians, especially civil society organizations to
come out and resist the approval of such loan.

“Nobody should be
allowed to mortgage the future of our youth. We should be responsible
parents and consider the future of our children while making and
implementing any government policies. The CPC is against these loans
under any guise,” he said.