NIGERIA: PDP KICK AGAINST RISING LOAN PROFILE

The move by Nigeria’s President Muhammadu Buhari to borrow $5.5 billion foreign loan has been kicked against by the Peoples Democratic Party.

It said it was an attempt to push the nation down “into the black hole of debt” and that it will affect the country negatively
In a letter to the National Assembly on Tuesday, President Buhari had sought the approval of the lawmakers on his plans to borrow the money for the financing of the 2017 Appropriation Act.

But in a statement the opposition PDP released on Wednesday through its spokesman, Dayo Adeyeye, the party said, “Like other well meaning Nigerians, we consider this new bid for a foreign loan of $5.5 billion being sought by the administration of President Buhari as an attempt to push the nation down into the black hole of debt that will affect negatively, the future of this nation.

“As a party that governed this nation meritoriously for 16 years and handed over a buoyant economy to the All Progressives Congress in 2015, we are concerned that by the time Nigerians would have the opportunity to push out the APC government in 2019, the economy of the nation would have been damaged irreparably.

“We are dismayed at the rate at which the APC government is plunging the nation into debt through local and foreign borrowing without concomitant developmental projects in any sphere of the nation’s economy to justify the huge borrowing.

“The figure released recently by the. Debt Management Office stating that the nation under the administration of the APC government in the last two years of being in office, has borrowed N7.51 trillion, is mind-boggling.

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