Alliance for Surviving COVID-19 and Beyond, ASCAB, a coalition of over 70 labour and civil society organisations is asking the federal government to make full disclosure of all foreign loans it has obtained so far.
In a statement signed by the chairman of the group, Femi Falana and Presidents of Nigeria Labour Congress, Ayuba Wabba and Trade Union Congress, Quadri Olaleye, the coalition also asked the national assembly to publicise the terms and conditions of all external loans.
While threatening to challenge the federal government in court if the disclosures are not made, the group said the huge debt being incurred by the country has the potential of stifling the prospect of economic liberation and political freedom of the people.
It lamented that Nigerian debt profile “which was N12.118 trillion as at May 2015 has leapt to N27.401 trillion in 2019, representing more than 100 percent debt increase”.
The group added that the country’s poverty level has continued to increase with the skyrocketing loans obtained by the federal government as Poverty, extreme hunger, frivolous lifestyle of public office holders continue to fuel violence and public disorder across the country.
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The coalition said recent revelations at the national assembly has confirmed that the loans were taken without proper scrutiny.
The group alleged that within a year, the national assembly had approved a total of $28 billion for President Muhammadu Buhari with no commensurate improvement in the quality of lives of many Nigerians.
ASCAB said the national assembly appears desperate to pull the wool over the face of Nigerians by covering up its tracks regarding the clause in the Chinese loan.
The statement read in parts that “…The opaque nature of the loans is against the principles of the Nigerian constitution,” ASCAB said, citing section 21(1) of the debt management office establishment (ETC) act, 2003,”
It added that “…Instead of grandstanding over the matter, the members of the National Assembly ought to apologise to the Nigerian people and proceed to scrutinise the terms and conditions of all other external loans…” end of quote.
Falana and the Labour leaders say the loans taken by Nigeria from China raised public outcry last week when a clause that was alleged to have compromised Nigeria’s sovereignty was discovered.
It said according to the Debt Management Office, the total value of loans taken by Nigeria from China as at March 31, 2020, was $3.121 billion, an indication that the Chinese loan is some 3.94% of Nigeria’s total public debt of $79.303 as at March 31, 2020, while external sources of funds, loans from China accounted for 11.28% of the external debt profile of $27.67 at the same date.
