The Peoples Democratic Party (PDP) has said with the volume of foreign loans being accumulated by President Muhammadu Buhari and the ruling All Progressives Congress (APC), the country and her cituzens have been placed on the international auction market.
The PDP in a statement by Kola Ologbondiyan said the fresh bid to take a fresh loan of N5.513 billion , which is about N2.1 trillion, is alarming.
The opposition party noted that the fresh loan in addition to an earlier $22.79 billion (N8.5trillion) and another N850 billion from the capital market, allegedly without a clear repayment plans, will completely compromise the fiscal integrity of the country and open her up for economic annexation by foreign creditors.
The party stated that it is even more alarming that the Buhari-led administration, in the current fiscal year, cannot muster the capacity to harness the huge resources available in the country to generate even half of the sum of the national budget, but has rather resorted to continous borrowing.
