The Peoples Democratic Party (PDP) has expressed concern over the plan by the Federal government to obtain $5.5 billion foreign loan.

The party in a statement issued on Wednesday in Abuja by its National Publicity Secretary, Dayo Adeyeye, described the proposed borrowing as needless.

President Muhammadu Buhari had on Tuesday written to the National Assembly requesting approval.

The PDP said the loan if approved by the National Assembly, would plunge Nigeria into further debt, and consciously mortgage the future of the unborn generations.

It noted that as a party that governed Nigeria “meritoriously for 16 years and handed over a buoyant economy to the APC in 2015’’, it was worried about the development.

“We are dismayed at the rate at which the APC government is plunging the nation into debt through local and foreign borrowing.

“The figure released recently by the Debt Management Office (DMO) stating that the nation under the administration of the APC government in the last two years has borrowed N7.51 trillion is mind-boggling.

“As major stakeholders in the Nigerian project, we are worried,” it said.

The party urged the National Assembly to stop “this latest demand for foreign loan.”

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