The party is enraged by the “further mortgage” of the country and warned the National Assembly to protect generations unborn.
The PDP condemned the demand for another $4billion and €710million loans by the President.
A statement by Kola Ologbondiyan, National Publicity Secretary said with the “reckless borrowing”, Nigerians might eventually not have a nation after the APC leaves power.
The spokesman lamented that the Buhari administration already accumulated N33.107trillion debt with nothing to show but decayed infrastructure and a depressed economy.
He said with the fresh request to take a N2.66trillion loan and an additional N5.62trillion loan proposed for the 2022 budget, the government will put Nigeria in N40trillion debt with no clear-cut repayment plan.
The PDP insisted that the debts hanging on the people “are for nebulous projects whose scopes, utilities, locations and contractors are largely vague”.
The party lambasted the government for excessive borrowing “instead of seeking ways to reduce the liability they have brought upon our nation”.
Ologbondiyan said the APC knows it will not be around after May 29, 2023, and decided to push Nigeria into a “deeper economic quagmire with foreign loans largely diverted to personal pockets of their corrupt leaders”.
“They have resorted to the pillaging of national vault and suppression of productive sectors, a development that has crippled our Gross Domestic Product (GDP) to the extent that our naira, which the PDP handed over to the APC at N167 to a dollar, has collapsed to an all-time low of N557 ”
The PDP charged the National Assembly to save the nation by rising above partisan sentiments to reject the latest loan request by President Buhari.