Borrowing $1.2bn is worrisome – PDP

The Peoples Democratic Party (PDP) has expressed concern over fresh plans by the Federal Government to secure an additional US$1.2 billion loan from the Brazilian Government.

The party, in a statement issued by its National Publicity Secretary, Kola Ologbondiyan, on Wednesday, said it was worrisome that the government had such a plan in spite public outcry against the accumulation of loans from China and other foreign interests. The Federal Government said it is seeking approval from the National Assembly for US$1.2 billion loan to address issues in the agriculture value chain. The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this on Tuesday in Abuja when she appeared before the House of Representatives Committee on Finance to defend the ministry’s budget. Mr Ologbondiyan said the loan will further weaken the nation and will be to the detriment of the poor masses and generations yet unborn. He slammed the idea of using agricultural programmes as a justification for further accumulation of foreign loans, without clear terms and conditions.

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