Buhari regime accumulates 33 trillion naira in foreign debt without repayment plan – PDP slams Nigerian government


The People’s Democratic Party deplored the reckless borrowing of the government led by President Muhammadu Buhari.

On Tuesday, the president sought approval from the National Assembly to borrow $ 4,054,476,863 (1,600 billion naira) and 710 million euros (343 billion na) in an addendum to the 2018 borrowing plan- 2020.

The president also asked the National Assembly to approve subsidy elements of $ 125 million (51 billion naira). According to him, the loans, once 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 unborn generations.

In a statement by its national publicity secretary Kola Ologbondiyan, the party deplored the reckless borrowing.

The opposition party noted that the congressional-led government All Progressive had already accumulated a debt of 33.107 trillion naira, noting that the government had nothing more to show than dilapidated infrastructure and a depressed economy. .

“With the new loan request of 2.66 billion naira and an additional loan of 5.62 billion naira proposed for the 2022 budget, the government will put Nigeria in debt of 40 trillion naira without a specific repayment plan. “, says the press release.

The opposition accused the Buhari government of engaging in excessive borrowing “instead of looking for ways to reduce the liability they have placed on our nation.”

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

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


Previous Oil surge gives private equity a window out of stranded Canadian energy companies
Next Amazon hires 8,700 more workers in 40 cities in NJ