$5.5bn loan: It’s attempt to mortgage future of the nation —PDP

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By Dirisu Yakubu

ABUJA—The Peoples Democratic Party, PDP, has taken a swipe at President Muhammadu Buhari’s fresh request to borrow $5.5 billion to fund the 2017 budget, describing the request as an attempt to mortgage the future of the nation.

In a statement signed by National Publicity Secretary, Prince Dayo Adeyeye, the party warned that another foreign loan would further increase the country’s debt stock, thus making matters worse for a nation still in the grip of economic squeeze.

PDP

“Like other well-meaning Nigerians, we consider this new bid for a foreign loan of $5.5 billion being sought by the administration of President Buhari as an attempt to push the nation down into the black hole of debt that will affect negatively, the future of this nation.

“As a party that governed this nation meritoriously for 16 years and handed over a buoyant economy to the APC in 2015, we are concerned that by the time Nigerians would have the opportunity to push out the APC government in 2019, the economy of the nation would have been damaged irreparably.

“We are dismayed at the rate at which the APC government 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 statement read in part.

The party regretted that in past two years, the APC administration borrowed huge sums of money running into trillions of naira, stating that while Nigerians expected infrastructures to become functional, same are becoming worse by the day.

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