The Peoples Democratic Party has lamented the reckless borrowing by the President Muhammadu Buhari-led government.

On Tuesday, the President sought the approval of the National Assembly to borrow $4,054,476,863 (N1.6 trillion) and €710 million (N 343 billion) in an addendum to the 2018-2020 borrowing plan.

President Buhari

The president also asked the National Assembly to approve grant components of $125 million (N51 billion). According to him, the loans, when obtained, will stimulate the economy and create jobs.

Reacting, the opposition party described the demand as further mortgaging the country, warning the National Assembly to protect generations unborn.

In a statement by its National Publicity Secretary, Kola Ologbondiyan, the party lamented the reckless borrowing.

The opposition party noted that the All Progressive Congress-led government already accumulated N33.107trillion debt, noting that the government had nothing to show but decayed infrastructure and a depressed economy.

“With the fresh request to take N2.66trillion loan and an additional N5.62trillion loan proposed for the 2022 budget, the government will put Nigeria in a N40trillion debt with no clear-cut repayment plan,” the statement noted.

The opposition accused the Buhari government of engaging in excessive borrowing “instead of seeking ways to reduce the liability they have brought upon our nation.”

The PDP called on the National Assembly to investigate hearing on all the loans collected by the president especially with allegations that they are being diverted to the personal pockets of APC leaders.

Recall that in July, the legislators approved the sums of $8.3billion and €490million loans contained in the initial 2018-2020 borrowing plan.


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