PEOPLES Democratic Party, PDP,
yesterday declared that the $5.5
Billion USD foreign loan being
sought by President Muhammadu
Bugari will mortgage the future of
unborn generationsof Nigerians.
In a statement issued by the
National Publicity Secretary, Prince
Dayo Adeyeye, the PDP described
the move to secure the foreign loan
as “needless and mindless.”
Part of the statement read: “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

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Government in 2019, the Economy
of the Nation would have been
damaged irreparably.
“For emphasis, we are
dismayed at the rate by which the
APC 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 Figure released recently
by the Debt Management Office
(DMO) stating that the Nation
under the Administration of the
APC Government in the last
two years of being in office has
borrowed N7.51 trillion. It is
“Mind boggling because all
round infrastructural decay
has now reached alarming
proportions; the roads have
deteriorated, the state of power
supply has become worse, and
there is no increase in wages to
match the skyrocketing inflation.
“As a result, workers in
educational institutions and other
government agencies have spent
more time at home observing
strike action than they spent at
work; insecurity has sky-rocketted
beyond what anyone can imagine,
while those in power continue to
delude themselves that they are
providing plausible leadership for
the Country.
“We are constrained to ask
the Government of President
Muhammadu Buhari to explain
to Nigerians what his government
has done with the several huge
sums borrowed in the last two
years in the name of financing
infrastructural development in
the Country.
“The data shows that since
President Buhari was sworn-in,
the Nation’s Debt has risen by
61.96% in only two years.
“As major stakeholders in the
Nigerian Project, we are worried
that if the National Assembly
does not stop this latest demand
for foreign loan, the Money when
released, will go the way of other
loans obtained in the last two
years without any tangible result

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to show for.”