$1.2b Brazil Loan: Buhari has reduced Nigeria to a beggar Nation

By Myke Uzendu, Abuja

The Peoples Democratic Party (PDP) has raised the alarmed over fresh plans by President Muhammadu Buhari to secure additional $1.2 billion loan from Brazil, saying that Nigeria has turned to a beggar nation.

PDP said that what Nigeria needs now is for government to be more innovative and resourceful in galvanizing a productive economy instead of reducing the nation to a beggar status among the comity of nations.

The PDP in a statement by its Spokesperson, Kola Ologbondiyan on Wednesday cautioned the Buhari Presidency not to further weaken the nation by using agricultural programmes as justification for further accumulation of foreign loans, without clear terms and conditions.

The party said that the loan, if approved by the National Assembly, will further exacerbate the nation’s debt burden, mortgage the agricultural sector, weaken investment capacity and worsen food security challenges.

“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 urged the National Assembly to save the nation by being circumspect in handling the loan request in the national interest.

The PDP urged 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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