The accumulation of debt by the present administration of Muhammadu Buhari has become a bone of contention among many Nigeria as a fresh loan of $5.5 billion from different international financial institutions have been placed before the National assembly.
The fresh loan has also created huge fears on the heart of many Nigerians especially the main opposition party (PDP) in the country. Speaking on the accumulation of debt and the request for fresh loans.
In a statement issued yesterday by the spokesman of the PDP, Mr. Kola Ologbondiyan, the main opposition party berated the president for his decision to take a fresh $5.513 billion (N2.1 trillion) loan, in addition to an earlier $22.79 billion (N8.5trillion).
According to the PDP, the administration did not have operable repayment plans for the loans, a situation it said, could totally compromise the country’s fiscal integrity and open her up for economic annexation by foreign creditors.The party recalled that the government had recently secured another N850 billion from the capital market, adding that it is regrettable that the administration has been going cap in hands to shop for more foreign loans.
The PDP further said it was alarming that the federal government could not muster the capacity to harness the huge resources available in the country to generate even half of its own budget for the current fiscal year.
The main opposition party said the Buhari administration is practically driving the nation to the brinks. It added that the government was exposing Nigerians to the risk of modern day slavery by mortgaging their future to economic appropriation by foreign interests.
Here is PDP’s tweets on Muhammadu Buhari’s $5.5bn Loan
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. pic.twitter.com/AbvDlGUTMn
— Official PDP Nigeria (@OfficialPDPNig) May 28, 2020