NASS must hold public hearing, says PDP – TheNigerialawyer

The Peoples Democratic Party has said that the National Assembly
must hold a public hearing on the $29.96bn foreign loan request
forwarded to it by the President, Major General Muhammadu Buhari
(retd).

The PDP Deputy National Publicity Secretary, Mr. Diran Odeyemi,
stated this in an interview with our correspondent in Abuja on
Thursday.

He said the party would continue to oppose the infliction of
heavy debt burden on the nation.

He added that it would be worse if such a loan request was not
allowed to go through the normal legislative process so that the
public could contribute to its rejection or approval.

He said Nigerians must be allowed to verify and constructively
criticise the requested loan.

He alleged that the All Progressives Congress-led Federal
Government had not been judicious in the management of national
resources.

He also accused the government of lack of transparency in its
activities.

Odeyemi said, “Transparency in government action is a necessary
feature to breed public trust.

“Failure to hold a public hearing would only send a message to
the public about the necessity of the loan.

“The position of the PDP has always been that government has to
be creative in finding ways to finance its activities and curb the
heavy reliance on foreign loans with its attendant
consequences.

“The APC-led government at the centre has been characterised by
high-levels of borrowing that have necessitated extreme options
such as high ratio debt servicing cuts to basic social amenities
and heavy new taxation of the public.

“While it is conceded that loans are an inevitable finance
source for governments around the world, they must be backed by
reasoned fiscal necessity and be utilized effectively in
infrastructural development.

“Over the years, there has been a lack of transparency in the
management of the national debts incurred so far particularly with
regards to the tenor, interest rates and terms of repayment and
what happens in the event of default.

“A public hearing would afford the general public the
opportunity to hear, verify and constructively criticise the
intended loan so as to arrive at what best represents the interest
of Nigeria and its future.

“Nigeria deployed more than half of its earned revenue (which
includes new and old taxes levied against the public) between 2017
and 2019 to service debts.”