Nigerian Opposition Party Slams Govt for ‘Reckless Borrowing’

The main opposition, the Peoples Democratic Party has chided President Muhammadu Buhari for his plan to take a U.S.$1.2 billion loan, this time from Brazil. There has been huge public outcry over loans made by the government from countries like China and other foreign entities. The government said it is seeking approval from the National Assembly for the loan to address issues in the agriculture value chain. Recently, Zainab Ahmed, the minister of finance, said that the public debt stock is projected to rise to over U.S.$98 billion by December 31, 2020. In August, 2020, Nigeria’s economy witnessed its biggest decline in 10 years.