In a letter read by the Speaker of the House, Femi Gbajabiamila during plenary on Thursday, the President said the loan is meant to finance critical projects in the 2020 budget.
Reacting to the president’s request, the opposition party in a statement said President Buhari is placing the country in an international auction market.
The party argued that the president’s plan to take a fresh loan in addition to an earlier $22.79 billion (N8.5trillion), will compromise the fiscal integrity of the nation.
PDP also maintained that incessant borrowing by President Muhammadu Buhari-led administration will expose ‘Nigerians to the risk of modern-day slavery by mortgaging our future to economic appropriation by foreign interests’.
The statement reads, “Buhari Loans: Nigeria Is Now On the Auction Market — PDP The @OfficialPDPNig alarms that with the volume of foreign loans being accumulated by President @MBuhari and his @OfficialAPCNg, our nation and her people have been placed on the international auction market.
“The party said President @MBuhari’s moves to take a fresh $5.513 billion (N2.1 trillion) loan in addition to an earlier $22.79 billion (N8.5trillion), the size of 2020 budget, without operable repayment plans, will totally compromise the fiscal integrity of our nation and open her up for economic annexation by foreign creditors. This is in addition to N850 billion from the capital market.
“It is more alarming that the @MBuhari government, in this fiscal year, cannot muster the capacity to harness the huge resources available in our country to generate even half of the sum of its own budget, but has been going cap in hands to shop for foreign loans.
“The @OfficialPDPNig expressed fears that with this situation, the @OfficialAPCNg administration is practically driving our nation to the brinks while exposing Nigerians to the risk of modern-day slavery by mortgaging our future to economic appropriation by foreign interests”.
President Muhammadu Buhari in a letter on Thursday, May 28, 2020, told the House of Reps that the fresh loan is meant to finance critical projects in the 2020 budget. (Daily Trust)
The opposition further said it is distressing that APC administration cannot account for the loans it has taken, adding that all the loans taking so far have not bettered the lives of Nigerians.
The party said, “Already the situation has created apprehensions, anxiety and trepidation among the citizens, particularly the youths, who are now scared about their future and the survival of our nation under the @OfficialAPCNg
“It is even more distressing that this administration cannot account for the loans it has taken so far. In spite of the deluge of loans, the lives of the ordinary Nigerians, on whose behalf they claim to be amassing these debts, have become worse than the @OfficialAPCNg and @MBuhari met them in 2015.
“The @OfficialPDPNig calls on Nigerians to look beyond our primordial differences and unite in speaking against this accumulation of debts. It is no longer about political party affiliations, creed, ethnicity, class or age.
“We all must unite in one voice to save our nation from imminent collapse”.