“It is instructive that the Peoples Democratic Party (PDP) 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 PDP 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,” BMO said.
This was contained in a statement signed by BMO’s chairman, Niyi Akinsiju and secretary, Cassidy Madueke.
The Buhari group said that the PDP senators by choosing not to oppose the loan request opted to elevate national interests over and beyond the “narrow, beer parlour consideration of the PDP leadership, and agreed on the need to power the national economy out of the economic doldrums created by Covid-19, and the recession predicted by the International Monetary Fund (IMF) and others.”
It noted that the development was coming only a few days after the Zamfara State chapter of the PDP shunned the party leadership to hail the Buhari 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 Buhari administration as testified to by IMF on how the loan would be paid back in a sustainable manner,” the group added.
Further hailing the Senate for its bipartisan approach to the $5.513 billion external loan request, BMO said its approval had paved way for seamless funding of the revised 2020 budget.
It, therefore, urged the National Assembly to adopt a similar 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 ensure speedy passage of the Budget when it is eventually tabled for consideration next Tuesday”.
