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$29.96bn loan: ‘Don’t play with our collective destiny’ Femi Falana tells Buhari


– A Senior Advocate of Nigeria Femi Falana has raised the alarm that the decision of the federal to take $29.960bn loan will tie down the country’s future generation with debts

– Falana feels that the decision is controversial and should be dropped because it would not amount to anything good for the country on the long run

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– He also urged the government to look inward for sourcing of funds for the key projects it wants to carry out across the country

Erudite lawyer and human rights activist, Femi Falana has hit at President Muhammadu Buhari’s request for a $29.960bn loan from the national assembly.

Daily Post reports that Falana, a Senior Advocate of Nigeria, 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”.

Falana made this demand while speaking at the 2016 annual general conference of Committee for Defence of Human Rights (CDHR) in Lagos on Saturday, October 29.

The former president of the CDHR noted that the request is controversial and urged the government to source for funds locally.

He said: “We hear that the federal government wants to borrow $29 billion to fund the economy, my advice is we do not need to do this at such a period in our economy.

“What about the millions of the recovered loots from those who stole our money, our money that are in the hands of those who decided to steal from the treasury?

“I have a report from Nigeria Extractive Transparency Initiative, NEITI which states that the oil companies and NNPC are owing the federal government a joint $20.2b.

“All these should be recovered and used for these projects instead of putting the destiny of the younger generation and those to come in jeopardy as a result of the huge national debt it will bring.”

Meanwhile, Majority Leader Femi Gbajabiamila has said the House of Representatives plans to consider and most likely approve President Buhari’s request to borrow $29.96 billion (about N12 trillion) for capital projects in 2016-2019.

The news were made public during the event called “Changing Lives through Grassroot Support” in Lagos on Monday, October 31.

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