The Peoples Democratic Party (PDP) has raised the alarm over President Muhammadu Buhari’s fresh loan request of $5.5 billion from different international financial institutions.

The party said that with the volume of foreign loans being accumulated by the administration, the nation and her people have been placed on the international auction market.

In a statement issued yesterday by the spokesman of the PDP, Mr. Kola Ologbondiyan, the main opposition party berated the president for his decision to take a fresh $5.513 billion (N2.1 trillion) loan, in addition to an earlier $22.79 billion (N8.5trillion).

According to the PDP, the administration did not have operable repayment plans for the loans, a situation it said, could totally compromise the country’s fiscal integrity and open her up for economic annexation by foreign creditors. The party recalled that the government had recently secured another N850 billion from the capital market, adding that it is regrettable that the administration has been going cap in hands to shop for more foreign loans.

The PDP further said it was alarming that the federal government could not muster the capacity to harness the huge resources available in the country to generate even half of its own budget for the current fiscal year.

The main opposition party said the Buhari administration is practically driving the nation to the brinks.