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STOP BUHARI'S $4B LOAN, SERAP WRITES SENATE PRESIDENT

 

Too much debt, stop Buhari's $4B loan: SERAP writes Lawan

Ahmad-Lawan

President of the Senate, Ahmad Lawan

The Senate President Dr Ahmad Lawan, and Speaker of House of Representatives Mr Femi Gbajabiamila have been urged to reject the fresh request by President Muhammadu Buhari to borrow $4 billion and €710 million.

Socio-Economic Rights and Accountability Project (SERAP) believes Nigeria’s debt crisis is getting out of control, with N11.679 trillion committed into debt servicing between 2015 and 2020, while only N8.31 trillion was expended on capital projects.

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The organisation urged the two NASS leaders to request for details of spending of all loans obtained since May 29, 2015 by the government, before acting on the new request.

President Buhari recently sought the approval of the National Assembly to borrow $4,054,476,863 billion and €710 million, on the grounds of “emerging needs.”

The request was contained in a letter dated 24 August, 2021.

In an open letter dated 18 September 2021, and signed by SERAP deputy director Kolawole Oluwadare, the organization expressed “concerns about the growing debt crisis.

It expressed concern over the lack of transparency and accountability in the spending of loans that have been obtained.

It also expressed worry on the perceived unwillingness or inability of the National Assembly to vigorously exercise its constitutional duties to check the apparently indiscriminate borrowing by the government.”

“The National Assembly should not allow the government to accumulate unsustainable levels of debt, and use the country’s scarce resources for staggering and crippling debt service payments rather than for improved access of poor and vulnerable Nigerians to basic public services and human rights.”


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