Business/FinanceGeneral News

PDP slams Buhari over $1.2bn Brazil loan, describes borrowing as reckless

The Peoples Democratic Party (PDP), has chided President Muhammadu Buhari over plan to take another $1.2 billion loan from Brazil despite the public outcry against the accumulation of loans from China and other foreign interests.

This is as the main opposition party cautioned the Presidency not to further weaken by using “nebulous agricultural programmes as justification for further accumulation of foreign loans, without clear terms and conditions, to the detriment of the poor masses and generations yet unborn.”

In a statement issued by its spokesman, Kola Ologbondiyan, the party also 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.”

The statement continued: “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, the PDP urges the Buhari Presidency to apply itself productively by looking inwards and finding ways to harness and create wealth with the resources abounding in our country.

“What Nigeria needs now is for government to be more innovative and resourceful in galvanizing a productive economy instead of reducing our nation to a beggar status among the comity of nations.” (Vanguard)

 

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