$1.2bn Brazilian Loan Will Plunge Nigeria’s Economy into Further Devastating Pitfall, PDP Tells Buhari

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President of Nigeria, Muhammadu Buhari; Spokesman of main opposition party, Peoples Democratic Party (PDP), Kola Ologbodiyan.
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Peoples Democratic Party (PDP) has raised fresh alarm over the latest plans by the President Muhammadu Buhari administration to “further mortgage our 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.”

PDP cautioned the Buhari Presidency not to “further weaken our nation and 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, will exacerbate our nation’s debt burden, mortgage our agricultural sector, weaken our investment capacity and worsen our food security challenge.”

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“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,” said the opposition party.

PDP 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,” PDP tasked “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.”

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“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,” PDP said, in a statement by its National Publicity Secretary, Kola Ologbondiyan.

Idowu Sowunmi