The Peoples Democratic Party, PDP, has expressed concern over the plan by the federal government to obtain $5.5 billion dollars foreign loan.
About $3 billion was requested as foreign loan while another $2.5 billion is to be in bonds.
The party in a statement issued on Wednesday in Abuja by National Publicity Secretary of its National Caretaker Committee, Dayo Adeyeye, said the proposed borrowing was needless.
President Muhammadu Buhari had on Tuesday written to the National Assembly requesting the approval of the loan.
PDP said that the loan if approved by the National Assembly, would plunge Nigeria into further debt, and consciously mortgage the future of the unborn generations of the country.
It added that it was an attempt to push the nation into more debt that would affect the future negatively.
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”.