PDP Knocks Buhari over $1.2bn Brazilian Loan

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By Chuks Okocha

The Peoples Democratic Party (PDP) yesterday raised the alarm over what it described as the fresh plan by President Muhammadu Buhari-led administration to further mortgage the country through an additional $1.2 billion loan from Brazil despite the public outcry against the accumulation of loans from China and other foreign interests.

The PDP cautioned the Buhari’s presidency not to further weaken the nation and 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.

The party, according to a statement by the National Publicity Secretary, Mr. Kola Ologbondiyan further warned that the loan request, if approved by the National Assembly, will exacerbate the nation’s debt burden, mortgage the agricultural sector, weaken the investment capacity and worsen the food security challenge.

“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 urged 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 urged Buhari to apply itself productively by looking inwards and finding ways to harness and create wealth with the resources abounding in the country.

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