President Muhammadu Buhari has come under attack by the Peoples Democratic Party (PDP) following the government’s move to take $5.5billion foreign loan.
The opposition party says the plan would drive Nigeria into further debt and consciously mortgage the future of the unborn generations.
President Buhari had on Tuesday written to the National Assembly seeking approval to borrow the money to finance the 2017 budget deficit.
However, the PDP in a statement by its spokesman, Prince Dayo Adeyeye in Abuja on Wednesday, lamented that the request by the President will push the nation down into what he called “the black hole of debt.”
Adeyeye said: “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 All Progressives Congress in 2015, we are concerned that by the time Nigerians would have the opportunity to push out the APC government in 2019, the economy of the nation would have been damaged irreparably.
“We are dismayed at the rate at which the APC government 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 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, is mind-boggling.”