Lagos - The All Progressives Congress (APC) opposed the request by President Goodluck Jonathan for a $1billion loan to fight the insurgent group Boko Haram.
It hence asked the National Assembly to properly scrutinize the "puzzling" request.
The party said Jonathan's administration would not borrowing money if it had accounted for US$20 billion in oil funds or plugged the theft of 300 000 barrels of oil per day.
APC described as "disingenuous" and "sheer blackmail" the argument that the money PDP requested was for national security or that it would facilitate the release of the over 200 school girls who were abducted about 100 days ago.
''That argument is hollow. In the first instance, trillions of Naira have been allocated yearly - in the past few years - for security and defence, yet the fight against the insurgents rages on with deadly consequences," said APC in a statement.
"Secondly, the only reason the school girls have remained in captivity is the sheer cluelessness and incompetence on the part of the Jonathan administration, which waited for all of 19 days before even admitting that the girls were kidnapped in the first instance."
'Therefore, APC alleged, putting more money in the hands of an incompetent and massively corrupt administration could only encourage more incompetence and corruption.
"That is why we are asking the National Assembly to put national interest above all other considerations by taking a dispassionate, non-partisan look at the President's request," the opposition stated.
The party also argued that the Nigerian civil war, which lasted three years, was prosecuted by the government without resorting to any external borrowing, due to competent and transparent management of the nation's economy.
''On the contrary, trillions of Naira have been pumped into the Boko Haram war in the past five years, and Nigerians still do not have any indication of how soon the insurgency will end or what happened to the huge allocated funds. Instead, what the tax payers are being asked to do is to shell out more funds to finance the incompetence and corruption of a reckless administration."
- CAJ News