PDP Opposes Buhari’s N2.66trn Loan Request

…Urges NASS To Probe Alleged Looting of Loans

PEOPLES‘ Democratic Party (PDP) has opposed President Muhammadu Buhari’s request for approval of fresh foreign loans of $4bn and €710m by National Assembly.

This was contained in a statement signed by PDP National Publicity Secretary, Kola Ologbondiyan.

The party accused All Progressives Congress (APC) and President Buhar’s administration of trying to mortgage the country with the external loan which amounts to fresh N2.66 trillion ($4 billion and €710 million).

Buhari had on Tuesday sent a letter to National Assembly seeking approval of the loan, stressing that it was to be used for financing emerging needs in critical projects contained in the 2021 national budget.

The 2021 budget has over 5 trillion naira deficit.

Kola said, “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 PDP laments that with the N33.107 trillion debt already accumulated by President Buhari and the APC with nothing to show but decayed infrastructure and a depressed economy, an additional N5.62 trillion borrowing proposed by Buhari for the 2022 budget and now a fresh N2.66 trillion external loan, the APC will be handing over N40 trillion debt to the nation, with no clear-cut repayment plan.

“More alarming is that the debts that APC is hanging on Nigerians are for nebulous projects whose scopes, utilities, locations and contractors are largely vague; a development that validates apprehensions of a huge swindle on our nation at the expense of innocent Nigerians, including generation yet unborn.”

He said the government should be seeking ways of reducing debt burden on the country, adding that having such level of debt profile cripples the economy, hence the continuous fall of the national currency, naira.

PDP called on the National Assembly to reject the President’s request for fresh foreign loan and probe how previous loans borrowed were expended.

“The PDP calls on the National Assembly to save our nation by rising above partisan sentiments to reject this latest request by President Buhari for a fresh foreign loan.

“Our party also urges the National Assembly to immediately commence an open investigative hearing on all the loans collected by President Buhari especially with allegations that they are being diverted to the personal pockets of APC leaders, the cabal in the Presidency as well as APC government functionaries and their cronies.”