Nigeria’s seasoned lawyer, Femi Falana, again said that President Muhammadu Buhari’s plan to borrow $29.96bn is a very bad decision for the future of the nation.
According to the Senior Advocate of Nigeria, President Buhari can lay hold on all the money he needs by going after loots in foreign countries instead of borrowing the huge amount of money. He pointed out that such borrowing would leave Nigeria indebted for many years and as a result, mortgage the country’s future.
Falana said this while speaking at the symposium X-raying 50 Years of Military Intervention in Nigeria’s Politics, organised by the Department of Political Science at the University of Lagos.
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“Between 1978 and 1986, this country incurred debts to the extent that we did not know how much we owed under the regime of General Ibrahim Babangida. They had to engage the services of a consultant in the West to tell us what we owed, and of course, the London Paris Club gave us a figure. That was the extent to which governance deteriorated.
“By the time [former President Olusegun] Obasanjo was paying the debts, in one fell swoop in 2005, this country parted with $12.4bn for the West to forgive our debts. Meanwhile, they were the real sinners. At that time, on both the principal and the interest, we had paid $42bn. That amount alone could have eradicated poverty in the entire Africa.”
“Now again, President Buhari wants to get a loan of $30bn. You know what that means? For generations unborn, we will mortgage their future, except the money is genuinely meant for infrastructural development, which is usually not the case once the money comes in.
“So, Buhari should forget about the $30bn loan when he can get more than that if he goes after our stolen money in the West.”
Meanwhile, Femi Falana had on Saturday, October 29, called on the federal government to drop its plan to borrow $29.960 billion to execute key projects across the country because it would amount to “putting the collective destiny of the younger generation in jeopardy.”
He made the demand while speaking at the 2016 annual general conference of Committee for Defence of Human Rights (CDHR) in Lagos.