The Peoples Democratic Party (PDP) on Wednesday criticised the Federal government over 2021 proposed N6.17tn loans.
Recall that the Minister of Finance, Budget and National Planning, Zainab Ahmed, while defending the 2021 budget proposals at the sitting of the Senate Committee on Local and Foreign Loans on Tuesday, said Nigeria’s public debt would hit N 38tn by December 2021.
She disclosed that the total public debt stock comprising external and domestic debts of states and the Federal Government as well as the Federal Capital Territory stood at N31.01tn ($85.90bn) as of June 30, 2020.
According to her, it will rise to N 32. 51tn by December 2020 and N 38. 68tn by December 31, 2021. This means Nigeria will borrow N6.17tn in 2021.
Also on Tuesday, the minister said the Federal Government would borrow $2. 1bn from Brazil to finance agriculture.
In reaction, the PDP’s spokesman, Kola Ologbodiyan , in an interview with the Punch, said President Muhammadu Buhari had an insatiable appetite for loans.
He berated the Federal Government over plan to raise Nigeria’s debt profile by N6.17tn in 2021.
The PDP’s spokesman advised the National Assembly not to be Buhari’s rubber stamp.
He said, “It (the plan to get more loans) is the height of insensitivity . The Buhari administration’s insatiable appetite for loans is unequalled in our national history.”