Nigeria’s President Muhammadu Buhari plan to obtain fresh $4 billion and €710m loans have been opposed by the Peoples Democratic Party.
Recall that the President had forwarded a letter to the National Assembly seeking its approval to borrow the fresh loans which was read by the Senate President, Ahmad Lawan, during Tuesday plenary.
Buhari also urged the legislature to approve grant components of $125 million.
According to the President, due to the demands in the country, there is a need to raise more funds for some “critical projects”.
But in a swift reaction, the opposition PDP rejected the move to borrow the fresh loans, saying that the Buhari administration is mortgaging the future of the country.
The PDP spokesman, Kola Ologbondiyan, stated this in a statement titled ‘Fresh $4bn, €710m loans: Buhari, APC are selling Nigeria, PDP cries out…urges NASS to probe looting of loans’, in Abuja, on Tuesday.
The PDP lamented the alleged reckless borrowing by President Buhari and the APC, saying Nigerians might eventually not have a nation that they can freely call their own.
According to the opposition party, the move by the President and his All Progressives Congress-led regime was another attempt at further mortgaging the future of Nigeria and Nigerians with less than two years left in office.
The PDP described the Buhari government as “incompetent and corrupt,” asking the government to show Nigerians what it has done with the previous loans collected.
It stated that the proposed borrowing is an act of wickedness, knowing fully well that President Buhari will be leaving office in less than two years.
The statement reads in parts. “The PDP vehemently rejects reported moves by the President Muhammadu Buhari-led APC administration to further mortgage our nation with a fresh of N2.66tn ($4bn and €710m) external loan.
“The party laments that with the reckless borrowing by President Buhari and the APC, Nigerians might eventually not have a nation and a patrimony that they can freely call their own, after the APC, which has less than two years to vacate office.
“The proposed borrowing is an act of wickedness on the part of individuals who are fully aware that they will be leaving office in less than two years.”
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