IPAC urges Senate to reconsider Buhari’s loan request

The Inter-Party Advisory Council (IPAC) has pleaded with the Senate to reconsider the $29.96 billion loan request by President Muhammadu Buhari. It said the loan would go a long way to reflate the economy.

In a statement by its Chairman, Muhammed Lawal Nalado in Abuja yesterday, the council said the injection of such funds into the economy would pull the country out of recession and cushion its impact on Nigerians.

Nalado, who is also the chairman of Accord Party (AP), said there were predictions that the dollar may still rise in future, noting that now is the appropriate time for Nigeria to seek the loan.

He pointed out that the country’s loan status was still healthy compared to other countries within the economic parameters of Nigeria, stressing that external loans are far cheaper than the local offers

The IPAC chairman, therefore, advised the Senate to reconsider its stance and approve the loan request for the President. While appreciating the efforts being made by the President to diversify the economy through commercial agriculture and mining, he expressed optimism that if this is achieved, it would reduce over-dependence on imported goods and effectively address foreign exchange scarcity.

In another development, the IPAC chairman has enjoined the president-elect of the United States (U.S.), Donald Trump, to rescind his threat to extradite immigrants, Muslims and refugees in the country. He said such policy contravenes the world diplomatic norms.

In a congratulatory message to Trump, he reminded him that American citizens are resident in other countries of the world and are not threatened with extradition.

IPAC also urged the newly-elected U.S. leader to allow his government to be bound by the international treaties to which America has been signatory prior to his electoral victory, including the Paris climate agreement, which Trump had during his campaign threatened to cancel.

Nalado added: “We congratulate him on his victory, but IPAC is urging him that some of his utterances should be reconsidered; he should not implement them.

“The immigrants have contributed to the success of America today. He should not sack them, there are Americans everywhere and they benefit from their host-countries too. I am therefore urging him to rescind his decision.”