NewStats: 3,264,688 , 8,184,419 topics. Date: Thursday, 12 June 2025 at 03:50 AM 4v5h

The opposition Peoples Democratic Party, PDP, has accused President Muhammadu Buhari of planning to
borrow at least N5 billion per day to finance the N6.08 trillion 2016 budget.

The spokesperson of the party, OlisaMetuh, who spoke with reporters on Tuesday in Abuja, said a breakdown of the N1.84 trillion to be borrowed by Mr.Buhari to fund the budget shows that Nigeria would be borrowing N5 billion a day for the next 365 days, starting from
January I, 2016, without corresponding
provision for economic production and a
clear repayment plan.


“Some people may be wondering why we raised an alarm about the budget. The reason is simple. When we analysed the budget, we discovered it is a misshapen attempt at a Keynesian economics of applying deficit spending to stimulate growth even when studies have proven that GDP growth rates decrease by over 50% when debt goes from low or moderate to high. But then we know the borrowing here is to pay huge campaign debt and fund a political war chest.


“By every standard, this budget is a booby trap against the nation. When you break down the proposed N1.84 trillion borrowing, you discover that it amounts to borrowing N5 billion every day for the 365 days in 2016. The questions are: for what specific projects are they borrowing N5 billion per day and how do they intend to pay back?” Mr. Metuh said.


The PDP spokespersons said Mr. Buhari should explain to Nigerians how his government intends to pay back the loan.


“Is it by continuous borrowing to service the interests, and does he intend to accumulate colossal debt for future generations of Nigerians?


“The truth is that this istration cannot justify this proposal. There is no known economy in the world where you can justify borrowing N1.84 trillion without specific projects and precise repayment outline.


“This is worse still in an oil-driven, mono-economy at a time crude oil is selling at $30 dollars per barrel and is speculated to go down to about $20 dollars or even lower in the next one year. The idea can only come when you diversify the economy and boost production capacity in manufacturing and other critical sectors, a direction, which the budget clearly failed to provide.


“From all indicators, the borrowing will be negative. They are driving us to be like Greece, and to plunge us into unnecessary debt,” he said. Mr. Metuh also said when the PDP took office in 1999, the party succeeded in the cancellation of inherited debts. He said Mr. Buhari is now seeking to accumulate more debt for the country. He warned that no country would be ready to cancel Nigeria’s debt again.


“More importantly, we are really worried about negative economic policies of the present istration and the copying of strategies that failed in other economies.

“Recall that we had earlier alerted on the negative consequences of the retrogressive foreign exchange controls wherein this government is making it impossible for honest Nigerians to engage in free trade and regulate their personal activities.



“There seems to be the erroneous belief that the controls will create foreign exchange stability or strengthen the Naira by limiting foreign currency outflows. This policy had badly affected other countries in the recent past; including Argentina, whose new government had to reverse the policy to save their economy. Why then are we copying a policy that failed in other countries?


“In practice, the kind of crude controls the Federal Government is implementing have been proven ineffective in preventing capital flight. By limiting the local availability of foreign exchange, the controls have instead increased the demand for foreign exchange, putting greater pressure on the naira and achieving the exact opposite of what the government in its naivety believed would happen.


“The negative impacts of the ill- conceived controls include the hindering of international trade and discouraging of foreign investment,” Metuh said. He said current measures are crippling the private sector in Nigeria because businesses are being killed as a result of unavailability of foreign exchange. Mr. Metuh challenged the Federal Government to a public and open debate on the budget.

Cc. Lalasticlala

http://www.timesng.com/news/top-news/195890-pdp-accuses-buhari-of-planning-to-borrow-n5-billion-daily-in-2016.html

Op source fr add taste to D's gist oo..

They way Oliesa Metuh pulls lies outta his asss, soon he'd mistakenly pull his guts out. The only time he isn't lying is when he isn't talking.

Fake asss Nurse.

OVI75:
Op source fr add taste to D's gist oo..

Updated

and Which country or organization get that kind money...........5BILLION for 365days,,,,,,,,,block brain

how many times do you want the greatest economic team in Nigeria to explain how this will be financed?

This shameless group called a party should just provide evidence and stop this propaganda that wouldn't work. The people have decieded on who the want and who they have rejected. God forbid if Nigerians will go back to their dirty smelling vomit!!!

I wish Olisa Metuh speedy recovery of his illness. A warped brain as Metuh's has no idea about investment theory yet quoting Keynesian's. In Metuh's assertion, we should rather sulk by our debt profile which PDP graciously bequeathed us and go handicap without financing our capital components. How can PDP? They are supposed to get their heads out of the sand and hang them. I blame KOWA for sleeping in the jungle.

No Lie Only Truth!

shamack:
and Which country or organization get that kind money...........5BILLION for 365days,,,,,,,,,block brain

[size=18pt]Olodo rabataaaaaa like you!!!
(Two Trillion = 2,000,000,000,000) Therefore, N2,000,000,000,000 / 366 days = N5,464,480,874.32 (Five Billion, Four Hundred and Sixty-Four Million, Four Hundred & Eighty Thousand, Eight Hundred & Seventy Four Naira and Thirty-two Boko) daily. Infact if it was Lai Mohammed that made the statement against PDP, it would have been stated like "the PDP government is borrowing N5.5 Billion everyday (Including public holidays, Sundays, Saturdays) all through 2016".[/size]

Amitex:


[size=18pt]Olodo rabataaaaaa like you!!!
(Two Trillion = 2,000,000,000,000) Therefore, N2,000,000,000,000 / 366 days = N5,464,480,874.32 (Five Billion, Four Hundred and Sixty-Four Million, Four Hundred & Eighty Thousand, Eight Hundred & Seventy Four Naira and Thirty-two Boko) daily. Infact if it was Lai Mohammed that made the statement against PDP, it would have been stated like "the PDP government is borrowing N5.5 Billion everyday (Including public holidays, Sundays, Saturdays all through 2016".[/size]

ode like u.............who go borrow naija 2trillion

shamack:

ode like u.............who go borrow naija 2trillion

Oh-oh! You do not even know anything about the Buhari's 2016 budget?? Why am I wasting time here with you?

E be like this olisa metuh don become blogger self.

This is how I expect opposition to be. Profer saner economic view points. Not some name calling back n forth.

For those casting Metuh, Buhari has said they will borrow 1.8T from local n international banks. They have asked a salient question: how is APC govt going to repay that and what exactly are they going to use this loan on.

Also about the CBN restriction on FX, I'm yet to understand this policy really.

Good job PDP, keep moving this way and we will have APC sit up on economic policies.

---

And what is bad in borrowing 5billion naira daily if he is ready to make good use of it

Olisa metuh of pdp asked a very gud question.....
what is mr president borrowing for,what project does the president want finance with the loan,how is he going to pay back the loan & hope he is not going to make our future generation be indebted by this loan.
if he is borrowing to pay #5000 to ppl like the almijiri in the north,or able bodied youth tht can earn a living for themselves,then mr president must be out of his mind..
he better forget about plunging nigeria into debt & finish all ongoing pdp project with what income he could generate both internally & externally,than thinking how he could fulfil unrealistic,wasteful & puppy apc campaign promises

When oil prices fall to $20(according to IMF) that deficit could increase to 3trillion.

The best thing we can do for our nation, is to storm ASO rock and kill every last APC ediot alive. If we fail to do this, then we have failed our children and grandchildren, because the desperation of the buffoon in that villa will end up killing us all. Now is the time to act
#MURDERTHEGOVERNMENT

bettercreature:
And what is bad in borrowing 5billion naira daily if he is ready to make good use of it

Please elucidate on your illiterate idea

hinwazaka:

Please elucidate on your illiterate idea

My illiteracy is better than your senseless ignorance,All the developed countries owe billions of dollars including America,there is nothing bad in borrowing money as long as he is ready to utilize it very well

Amitex:


[size=18pt]Olodo rabataaaaaa like you!!!
(Two Trillion = 2,000,000,000,000) Therefore, N2,000,000,000,000 / 366 days = N5,464,480,874.32 (Five Billion, Four Hundred and Sixty-Four Million, Four Hundred & Eighty Thousand, Eight Hundred & Seventy Four Naira and Thirty-two Boko) daily. Infact if it was Lai Mohammed that made the statement against PDP, it would have been stated like "the PDP government is borrowing N5.5 Billion everyday (Including public holidays, Sundays, Saturdays) all through 2016".[/size]

Mynd44: Rule 2 and 11

2. Don't abuse, bully, deliberately insult/provoke, fight, or wish harm to Nairaland OR THEIR TRIBES.


11. Don't create distracting posts with: ALL WORDS BOLD / huge font sizes / ALL CAPS / distracting images etc.

I DONT EVEN KNOW WHAT CONCERN THEM DO NIGERIANS COMPLAIN TO THEM?

This yeye party still does not know how to play opposition politics effectively. SMH for the destructive party as they continually self destruct

I hate The fecking PDP but they make a bit of sense here. We have to know exactly the projects to be executed from this budget to know if this borrowing would be justified and not plunging us deeper into an already existing economic mess.

May God guide u right Buhari...

sammyj:
This shameless group called a party should just provide evidence and stop this propaganda that wouldn't work. The people have decieded on who the want and who they have rejected. God forbid if Nigerians will go back to their dirty smelling vomit!!!

Did u read the post before commenting?

blazetitov:
This yeye party still does not know how to play opposition politics effectively. SMH for the destructive party as they continually self destruct

Will u for once think without been sentimental? He raised a valid point

This man has started sounding like APC comedians.

Metuh making sense, as usual APC ers will run away from the debate and engage in needless insults

Nurse sikirat metuh

#5billion daily, I don't believe this. Maka why, that's too much from PDP. She na ghost go dey print am for dem??

1United1:


Mynd44: Rule 2 and 11

shamack:
and Which country or organization get that kind money...........5BILLION for 365days,,,,,,,,,block brain

shamack:

ode like u.............who go borrow naija 2trillion

Guess, you never saw the two bolded abuses above by your hero shamack.