The Peoples Democratic Party (PDP) has asked President Muhammadu Buhari to stop external borrowing.


The party said the President should rather cut on luxury, slash the number of presidential appointees, cut down huge allowances that gulp billions of naira and maintain a lean budget that would centre on health, research and growth of the nation's economy among other critical needs.

The PDP, which expressed concerns over the presentation of another loan request of N850 billion to the Senate, in a statement on Tuesday night, said the President had failed to articulate tangible wealth creation programmes to buoy the nation's economy, despite the huge natural and human resources at its disposal, but relishes only in accumulating loans, without precise repayment plans, thereby pawning the economy as well as the future of the nation.
The PDP said the Buhari administration's "over dependence on loans" was wrecking the economy while amassing huge problems for the future generation.

The party said it was even more worrisome that the loans were not transparently managed as most of them were allegedly being trailed by allegations of mismanagement and embezzlement.

"The PDP holds that instead of constantly resorting to borrowing, the Federal Government should articulate innovative ways to create wealth and plug wastes.

"The PDP, therefore, charges the Senate Presiding officers to note that in approving this loan, the nation holds them responsible to ensure strict oversight monitoring of the handling of the money. This is especially as it is being sourced from the capital market, which hosts investments by private individuals and firms.

"The Senate must ensure judicious use of the funds as well as prompt repayment. This is because our nation cannot afford any default, as such is capable of crippling the capital market and worsening the economic hardship already being faced by Nigerians," the party said.

President Buhari had sought the Senate's approval for a fresh loan of N850 billion to fund some projects in the 2020 budget.

He made the request in a letter read by the Senate President, Ahmad Lawan, on Tuesday during plenary.

President Buhari, in the letter, seeks to raise the loan from the domestic capital market.

The detail of the projects was not indicated in the letter.