The All Progressives Congress, South-East chapter has urged the Senate to approve President Muhammadu Buhari’s $29.9bn external loans proposal.

Recall that the Senate had voted against the request this week.

But in a statement by its Publicity Secretary, Hyancinth Ngwu, the party regarded the rejection of the request as “ill-advised”.

“The All Progressives Congress in the South-East geopolitical zone has appealed to the members of the Senate of the Federal Republic of Nigeria to rescind their rejection of the $29.680bn loan planned for the three fiscal years of 2016-2018.

“The rejection of the request by the Senate is ill-advised and an ill wind that blows no one any good,” the statement said.

It also stated that the loan was a quick way for Nigeria to get out of recession.

“We also believe that the only quick way out of the present economic recession, which has thrown the masses into untold hardship and weakened all productive sectors of the economy, is by massive spending by the government.

“And with the fall in oil production and its price, the only rational way for government to raise enough fund to exit the economy from recession is through external borrowing which has the advantage of long maturity profile, very little interest rate and creates large space for domestic borrowing by the private sector participants,” the party said.

Azeez