APC, PDP bicker over Buhari’s fresh loan request


Nigeria’s two dominant political parties have argued over President Muhammadu Buhari’s request for approval to borrow $4 billion and €710 million to fund the deficit in the 2021 budget.

PREMIUM TIMES reported Mr Buhari making the request in a letter addressed to the National Assembly on Tuesday, as many Nigerians struggle to survive the country’s biting economic situation.

The Peoples Democratic Party (PDP), in reaction to the development, cautioned the NASS against approving the request, saying it could set the country’s debt profile skyrocketing without a feasible repayment plan.

With the approval to borrow $8.3 billion and €490 million loans by its legislative body barely two months ago, Nigeria’s debt profile risks reaching over N40 trillion.

“More alarming is that the debts that APC is hanging on Nigerians are for nebulous projects whose scopes, utilities, locations and contractors are largely vague; a development that validates apprehensions of a huge swindle on our nation at the expense of innocent Nigerians, including generation yet unborn.

“Our party holds it as an act of wickedness that individuals who know that they will be leaving…



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