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$1.2 Billion Loan: PDP Attacks Buhari Over Reckless Borrowing



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The Peoples Democratic Party (PDP) has berated  President Muhammadu Buhari led administration over alleged plot to borrow an additional $1.2 billion loan from Brazil despite the public outcry against the accumulation of loans from China and other foreign countries.

The PDP, in a statement on Wednesday by its National Publicity Secretary, Kola Ologbondiyan, cautioned Buhari’s government not to further weaken the nation by using “nebulous” agricultural programmes as justification for further accumulation of foreign loans.

The party warned that the loan request, if approved by the National Assembly, will further weaken the nation and will be to the detriment of the poor masses and generations yet unborn.

the party slammed the idea of using agricultural programmes as a justification for further accumulation of foreign loans, without clear terms and conditions.

The party further warned that the loan request, if approved by the National Assembly, “will exacerbate our nation’s debt burden, mortgage our agricultural sector, weaken our investment capacity and worsen our food security challenge.

Mr Ologbondiyan via the  statement said

“Our party invites Nigerians to note that with the $1.2 billion (N459 billion) Brazilian loan, in addition to the N5.20 trillion borrowing already proposed in the 2021 budget, our nation’s debt burden will hit a disastrous N36.2 trillion which will plunge our economy into a devastating pitfall.

“The PDP, therefore, urges the National Assembly to save the nation by being circumspect in handling the loan request in the national interest.“Instead of this recourse to reckless borrowings.


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