The newly elected president Ram Baran Yadav was expected to invite the CPN-Maoist to form the new government soon after taking office after a swearing-in ceremony on Wednesday.
"Our all efforts to make a new government in the past three and half months have been over said Chairman Prachanda.
Now in accordance to the new equation we gladly accept the place of opposition in Nepali politics," Prachanda said, requesting the new president to call on the new alliance to make the new government.
"We will determine our support or oppose the new government on the basis of their qualities or misdemeanor," he added.
The CPN-Maoist Chairman also said that there was "a great danger of the counter revolution to make Nepal a failed state."
"There is a big reactionary conspiracy of foreign powers after we won the faith and belief of people. Nepal's politics has clearly signified a great danger of counter -revolution," Prachanda said, appealing the people to be united against the conspiracies of foreign powers whom he didn't want to name.
He also criticized the new government for stopping the allowance to the CPN-Maoist armed force sitting inside the monitored cantonments and warned that if the present situation continues, patience and tolerance will soon run out.
However, the CPN-M chairman recalled that his party was fully committed to the ongoing peace process and ready to implement the accords done with the previous government.