The Peoples Democratic Party (PDP) has cautioned the National Assembly over granting approval to fresh plans of President Muhammadu Buhari to borrow additional $1.2 billion loan from Brazil in the name of agricultural programmes.
In a statement on Wednesday by PDP National Publicity Secretary, Kola Ologbondiyan, Buhari’s government was warned not to further weaken the nation by using “nebulous” agricultural programmes as justification for further accumulation of foreign loans.
The party said further that loan approval would 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, 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,” the party advised.
