Famous Lagos lawyer and human rights activist, Femi Falana, SAN, has told President Muhammadu Buhari that his bid to take a foreign loan of $30bn is capable of mortgaging the country’s future.
The Senate had recently rejected the loan bid which the President said he needed to execute a two-year infrastructure plan.
The executive arm had however said the failed loan request would be re-submitted to the Senate at another date.
Falana however advised President Buhari to forget the loan, but rather go after looted funds stashed away in foreign banks by past military rulers and government officials in the country.
The lawyer said this at a symposium tagged: “X-raying 50 years of military intervention in Nigeria’s politics”, organised by the Department of Political Science, University of Lagos.
Falana, who explained how the military started corruption in the country, said, “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.”
