Why Buhari’s $1.2bn Brazil loan should not be approved: PDP

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The Peoples Democratic Party (PDP) says it is alarmed by the fresh request of $1.2billion loan by the President Muhammadu Buhari administration.

In doing so, the opposition party in a statement by its National Publicity Secretary, Kola Ologbondiyan, appealed to Mr Buhari not to reduce the country into becoming a beggar nation.

The party also called on the National Assembly not to approve the request as doing so will will exacerbate the nation’s debt burden, mortgage its agricultural sector, weaken its investment capacity and worsen 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 said.

“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 statement partly read.

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