The Conference of Nigeria Political Parties (CNPP) has expressed outrage over the Federal Government's plan to obtain $1bn World Bank loan under the Low Income Countries Under Stress (LICUS).

The National Publicity Secretary of CNPP, Osita Okechukwu, said in a statement yesterday in Abuja that it is wrong for President Umaru Yar'adua to consent to the loan when the Peoples Democratic Party (PDP) led government is yet to account for the over $88bn that accrued from the oil windfall between 1999 and 2008.

"CNPP is outraged that President Umaru Musa Yar'adua is returning Nigeria to Debt Burden, in this instance borrowing from the World Bank Fund meant for Low Income Countries Under Stress (LICUS); notwithstanding the unprecedented rise in oil windfall," CNPP said warning that loan, no matter how concessionary, should be avoided.

CNPP said Nigeria has enough revenue to judiciously fund her infrastructure and social services without borrowing. "For the avoidance of doubt these are some of the sources: Oil Revenue today at $70 per barrel, Federal Inland Revenue Service, Customs Duty, Recovery of Billions of USD Looted from our porous treasury, Foreign Direct Investment and Prune down salaries and allowances of Public Officials among others...

"Today our debt profile is rising and if it is not halted might get to $10bn before the end of the year at the rate the regime is going," the statement said.