$1.2b Brazil Loan: PDP taunts Buhari over reckless borrowing

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▪︎Urges President not to reduce Nigeria to a beggar nation

The Peoples Democratic Party (PDP) has expressed concerns on fresh plans by President Muhammadu Buhari to further mortgage the nation through an additional $1.2 billion loan from Brazil despite the public outcry against the accumulation of loans from China and other foreign interests.

In a statement, National Publicity Secretary, Kola Ologbondiyan, the opposition party cautioned the Buhari Presidency not to further weaken the nation by using “nebulous agricultural programmes as justification for further accumulation of foreign loans, without clear terms and conditions, to the detriment of the poor masses and generations yet unborn.”

The party further warned that the loan request, if approved by the National Assembly, 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,” PDP said.

The party urged 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 added.

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