PDP Express Worries over $1.2bn Loan from Brazil

The Peoples Democratic Party (PDP) has expressed worries over fresh plans by the Federal Government to secure an additional $1.2 billion loan from the Brazilian Government to address issues in the agricultural value chain.

In a statement issued by the party in Abuja on Wednesday, November 4, the National Publicity Secretary, Mr Kola Ologbondiyan, said it was worrisome that the government intends to take such step despite public outcry against the accumulation of foreign loans.

He pointed out that the loan, which was disclosed by the Minister of Finance, Budget and National Planning, Zainab Ahmed, when she appeared before the House of Representative Committee on Finance to defend the ministry’s budget, will further weaken the nation and be prejudicial.

The party further warns that the loan request, if approved by the National Assembly, will exacerbate our nation’s debt burden; mortgage our agricultural sector; weaken our investment capacity and worsen our food security challenge.

“Our party invites Nigerians to note that with the $1.2 billion Brazilian loan; in addition to the N5.20 trillion borrowing already proposed in the 2021 budget; our nation’s debt burden will hit N36.2 trillion. This will plunge our economy into a devastating pitfall,” he said.

The party has therefore urged the National Assembly to be cautious in handling the loan request in the interest of the country. It also appealed to President Muhammadu Buhari’s administration to rather look inwards and find ways of creating wealth by harnessing the resources in the country.

He said what Nigeria needs at this moment, is for the government to be more innovative and resourceful in engendering a productive economy.