OrderPaperToday- The Peoples’ Democratic Party (PDP) has asked the national assembly to reject the request made by President Muhammadu Buhari for a foreign loan of $5.5 billion.
In a statement released by its national publicity secretary, Dayo Adeyeye on Wednesday night, the party said the move would bury the country into more debt.
The PDP described the total sum of borrowed monies under the All Progressive Congress led administration as “mind-blogging.”
The statement reads: “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.
“For emphasis, we are dismayed at the rate by which the APC is plunging the nation into debt through local and foreign borrowing without concomitant developmental projects in any sphere of the nation’s economy to justify the huge borrowing.
“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.
“Mind boggling because all round infrastructural decay has now reached alarming proportions. The roads have deteriorated, the state of power supply has become worse and there is no increase in wages to match the skyrocketing inflation.
”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.”