The major opposition, the Peoples Democratic Party (PDP) has said that President Muhammadu Buhari and the All Progressives Congress (APC) administration are selling Nigeria.
The opposition said that it is angry that the country has been mortgaged and warned the National Assembly to protect generations unborn.
It kicked against the demand for another $4billion and €710million loans by the President.
A statement by Kola Ologbondiyan, National Publicity Secretary said with the “reckless borrowing”, Nigerians might eventually not have a nation after the APC leaves power.
The spokesman lamented that the Buhari administration already accumulated N33.107trillion debt with nothing to show but decayed infrastructure and a depressed economy.
He said with the fresh request to take N2.66trillion loan and an additional N5.62trillion loan proposed for the 2022 budget, the government will put Nigeria in N40trillion debt with no clear-cut repayment plan.
According to PDP, the debts hanging on the people “are for nebulous projects whose scopes, utilities, locations and contractors are largely vague”.
It blasted the government for excessive borrowing “instead of seeking ways to reduce the liability they have brought upon our nation”.
Ologbondiyan said the APC knows it will not be around after May 29, 2023 and decided to push Nigeria into “deeper economic quagmire with foreign loans largely diverted to personal pockets of their corrupt leaders”.
“They have resorted to pillaging of national vault and suppression of productive sectors, a development that have crippled our Gross Domestic Product (GDP) to the extent that our naira, which the PDP handed over to the APC at N167 to a dollar, has collapsed to an all-time low of N557 ”
The PDP charged the National Assembly to save the nation by rising above partisan sentiments to reject the latest loan request by President Buhari.