Commenting on the Federal Government’s plan to raise Nigeria’s debt profile by N6.17tn in 2021, the PDP has berated the President.
The opposition party’s spokesman, Ologbodiyan, advised the National Assembly not to be Buhari’s rubber stamp.
Buhari has insatiable appetite for loans”
He said, “It ( the plan to get more loans) is the height of insensitivity. The Buhari regime’s insatiable appetite for loans is unequalled in our national history.
“Nigerians have yet to recover from the news of the mortgaging of our sovereignty to the Chinese in exchange for loans, now, we are looking for loans from Brazil.
“At the rate this regime is going, we may soon be borrowing money from Togo. What has the Buhari regime done with all the money it has borrowed since 2015? The other day, they told Nigerians they want to borrow money to construct railway lines to Niger Republic.
“We expect the National Assembly to demand that the regime account for all the loans it has collected in the name of this country since 2015 before entertaining any such request.
The APC has however replied, saying “the PDP was worried that the APC had within just five years succeeded in areas where successive PDP administrations failed in 16 years”
Recall that the Minister of Finance, Budget and National Planning, Zainab Ahmed, while defending the 2021 budget proposals at the sitting of the Senate Committee on Local and Foreign Loans on Tuesday, said Nigeria’s public debt would hit N38tn by December 2021.
She disclosed that the total public debt stock comprising external and domestic debts of states and the Federal Government as well as the Federal Capital Territory stood at N31.01tn ( $85.90bn) as of June 30, 2020.
According to her, it will rise to N32.51tn by December 2020 and N38.68tn by December 31, 2021.This means Nigeria will borrow N6.17tn in 2021.
Also on Tuesday, the minister said the Federal Government would borrow $2.1bn from Brazil to finance agriculture.