- The Peoples Democratic Party (PDP) has berated President Muhammadu Buhari's plans to borrow
- The PDP said the president and the All Progressives Congress (APC) plan to plunge Nigeria into a huge debt
- The party said the present administration is moving towards mortgaging the lives on Nigeria's unborn generation
The Peoples Democratic Party (PDP) has alleged that the President Muhammadu Buhari-led administration is mortgaging the future of Nigerian children.
The PDP reacting to recent attempt by the president to secure a $5.5 billion (N1.98 trillion) foreign loan said it received with shock, the plan by the present government to further plunge Nigeria into debt.
In a statement signed by its national publicity secretary, Dayo Adeyeye, the PDP said the All Progressives Congress led administration is consciously mortgaging the future of Nigeria's unborn generation.
Adeyeye said the PDP is concerned APC would have damaged Nigeria's economy by the time they would be ready to leave government.
He said: "The Figure released recently by the Debt Management Office (DMO) 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. It is mind-boggling."
"We are constrained to ask the government of President Muhammadu Buhari to explain to Nigerians what his government has done with the several huge sums borrowed in the last two years in the name of financing infrastructural development in the country.
"The data shows that since President Buhari was sworn-in, the Nation's Debt has risen by 61.96% in only two years.
"As major stakeholders in the Nigerian Project, we are worried that if the National Assembly does not stop this latest demand for foreign loan, the Money when released, will go the way of other loans obtained in the last two years without any tangible result to show for it."
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NAIJ.com earlier reported that President Buhari sought the approval of the National Assembly to secure a loan of $5.5 billion.
The president in a letter to the National Assembly said the loan will be used to fund capital project.
Buhari also said the loan will help refinance Nigeria's local debts.
Meanwhile, in April, NAIJ.com reported that the total loan request from the presidency was at $6.926 billion (N2.11 trillion).
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