Buhari, APC are selling Nigeria for $4 billion and €710 million in new loans, PDP

The Peoples Democratic Party (PDP) has dismissed reports that President Muhammadu Buhari’s All Progressives Congress (APC) is considering a new N2.66 trillion ($4 billion and €710 million) external loan to the country.

The party’s National Publicity Secretary, Kola Ologbondiyan, said in a statement on Tuesday that because of President Buhari’s reckless borrowing, Nigerians may not have a nation or a patrimony they can freely call their own after the APC leaves office.

With the N33.107 trillion debt that President Buhari and the APC have already accumulated, an additional N5.62 trillion borrowing proposed by Buhari for the 2022 budget, and a new N2.66 trillion external loan, the PDP claims that the APC will be dangling over an N40 trillion debt on the nation with no clear repayment plan.

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The PDP claims that the debts that the APC is imposing on Nigerians are for nebulous projects with ambiguous scopes, utilities, locations, and contractors; a development that confirms fears of a massive swindle on the country at the expense of innocent Nigerians, including future generations.

Individuals who know they will be leaving office in less than two years are accumulating debts instead of seeking ways to reduce the liability they have brought upon our nation, according to the party.

“The APC is well aware that it will not be in power after May 29, 2023. That is why it is driving our country deeper into a financial quagmire with foreign loans that are largely funneled into the personal pockets of their corrupt leaders.

“Given their incompetence, corruption, and apparent indifference to Nigerians’ plights, the APC and its administration have shown no commitment to wealth creation that any responsible government would expect.

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“Rather, they have resorted to reckless borrowing, plundering our national vault, and suppressing our productive sectors; a development that has crippled our Gross Domestic Product (GDP) to the point where our naira, which the PDP handed over to the APC at N167 to the dollar, has now collapsed to a dismal and all-time low of N557 to the dollar under the APC.”

The PDP urged the National Assembly to save the country by rejecting President Buhari’s latest request for a new foreign loan, regardless of partisanship.

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The party also urged the National Assembly to launch an open investigation into all of President Buhari’s loans, particularly in light of allegations that they are being diverted to the personal pockets of APC leaders, the Presidency’s cabal, as well as APC government functionaries and their cronies.