$1.2b Brazil Loan: PDP urges President not to reduce Nigeria to a beggar nation

By Lateef Ibrahim, Abuja

The Peoples Democratic Party (PDP) has expressed shock at the fresh plans by President Muhammadu Buhari to obtain an additional $1.2 billion loan from Brazil despite the public outcry against the accumulation of loans from China and other foreign interests.
The PDP cautioned the Buhari Presidency not to further weaken the nation, 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 main opposition party gave the warning yesterday in a statement by its National Publicity Secretary, Mr Kola Ologbondiyan in Abuja.
The party further warned that the loan request, if approved by the National Assembly, will exacerbate the nation’s debt burden, mortgage the agricultural sector, weaken the country’s investment capacity and worsen food security challenges.
The PDP therefore urged the National Assembly to save the nation by being circumspect in handling the loan request in the national interest.
The statement reads, “The PDP cautions the Buhari Presidency not to further weaken our nation and use 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 warns 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.
“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.
“The PDP therefore urges 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, the PDP urges 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.
“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”, it said.