$5.5bn External Loan: BMO hails PDP Senators

he Media Organisation (BMO) has commended the Senate for its bipartisan approach to President Muhammadu ’s $5.513bn external loan request.

It said in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, that Senators deserve praise for brushing aside partisan considerations to approve the loan request and pave way for seamless funding of the revised 2020 budget.

“It is instructive that the Peoples Democratic Party () caucus in the Senate ignored the ranting of the national leadership of the opposition party and joined other patriots to endorse the loan request.

“We invite Nigerians to note that no Senator spoke against the request, in a clear rejection of the hare-brained suggestion of their party that the external loan request was not necessary.

“They have opted to elevate national interests over and beyond the narrow, beer parlour consideration of the leadership, and agreed on the need to power the national economy out of the economic doldrums created by Covid-19, and the predicted by the International Monetary Fund (IMF) and others.

“This is coming only a few days after the Zamfara State chapter of the PDP shunned the PDP leadership to hail the administration for the success of the ongoing war against banditry.

“More than anything else, the bipartisan endorsement shows a belief in the capacity of the administration as testified to by IMF on how the loan would be paid back in a sustainable manner,” the group said.

It also urged the National Assembly to a approach to the revised 2020 budget when it comes up for deliberations next week.
“Aside from the speedy consideration of the external loan request, we also saw how federal lawmakers have been swift in approving the revised Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP).
“The move which includes jerking up the oil price benchmark from $25 per barrel to $28 is meant to pave way for the consideration of the revised budget.
“We urge lawmakers in the two chambers, regardless of party affiliations, to speedy passage of the Budget when it is eventually tabled for consideration next Tuesday”.
It added that Nigerians look forward to more cooperation between the and the Legislature in the interest of the people.