On its part, the Peoples Democratic Party rejected the fresh move to obtain fresh foreign loans of $4bn and €710m.

According to the opposition party, the move by the President and his All Progressives Congress-led regime was another attempt at further mortgaging the future of Nigeria and Nigerians with less than two years left in office.

This was contained in a statement titled ‘Fresh $4bn, €710m loans: Buhari, APC are selling Nigeria, PDP cries out…urges NASS to probe looting of loans’, signed by its National Publicity Secretary, Kola Ologbondiyan, in Abuja, on Tuesday.

Ologbondiyan said, “The PDP vehemently rejects reported moves by the President Muhammadu Buhari-led APC administration to further mortgage our nation with a fresh of N2.66tn ($4bn and €710m) external loan.

“The party laments that with the reckless borrowing by President Buhari and the APC, Nigerians might eventually not have a nation and a patrimony that they can freely call their own, after the APC, which has less than two years to vacate office.”

Ologbondiyan described the proposed borrowing as an act of wickedness on the part of individuals who are fully aware that they will be leaving office in less than two years. It described the Buhari regime as “incompetent and corrupt.”

Attempts to get a response from the APC were futile. Calls to the mobile telephone number of the National Secretary, Senator John Akpanudoedehe, were not returned.

A response to a text message sent on the subject was still being awaited as at the time of filing this report.

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