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Party chairman warns of grave consequences if fresh $29.9bn loan request is approved

Party chairman warns of grave consequences if fresh $29.9bn loan request is approved

National chairman of the Peoples Redemption Party, Falalu Bello says it is worrisome that the country’s debt profile has skyrocketed from $10bn when President Buhari took over in 2015 to $84bn.

Speaking with newsmen on the development during a media dialogue in Abuja, Bello urged the National Assembly not to approve the $29.9bn loan request of President Buhari before it.

Describing as unacceptable the rising debt profile of the country under Buhari, he said if the new request is approved, the country’s debt profile will be over $100bn.

Bello, while faulting the federal government’s claims that the country’s debt to GDP ratio is low, said the justification is wrong, looking at the amount being used for debt servicing and the utilization of previous loans.

He said the ratio only favors developed countries and not a developing country like Nigeria.

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