The Peoples Democratic Party (PDP) has said it is alarmed by fresh plans by President Muhammadu Buhari to borrow additional $1.2 billion loan from Brazil despite the public outcry against the accumulation of loans from China and other foreign countries.
The PDP, in a statement on Wednesday by its National Publicity Secretary, Kola Ologbondiyan, cautioned Buhari's government not to further weaken the nation by using "nebulous" agricultural programmes as justification for further accumulation of foreign loans.
The party warned that the loan request, if approved by the National Assembly, would exacerbate the nation's debt burden, mortgage the agricultural sector, weaken the investment capacity and worsen the food security challenge.
"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, therefore, urges the National Assembly to save the nation by being circumspect in handling the loan request in the national interest.
"Instead of this recourse to reckless borrowings, the PDP urges 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.
"What Nigeria needs now is for government to be more innovative and resourceful in galvanizing a productive economy instead of reducing our nation to a beggar status among the comity of nations," the party said.