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Falana Calls For Probe Of Conditions In Nigeria’s $79bn Foreign Loans

Ignatius Igwe  
Updated August 3, 2020

 

Human rights lawyer and Senior Advocate of Nigeria (SAN), Mr Femi Falana has called on the National Assembly to probe the conditions of Nigeria’s foreign loans totalling about $79.5bn.

Speaking during an interview on Channels Television’s Politics Today on Monday, Falana wondered why much emphasis should just be on the $3.1billion to be secured from China.

According to him, the masses are being misled by leaders of the ruling All Progressives Congress (APC) and those of the opposition Peoples Democratic Party (PDP).

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“We are being misled. What is the basis of this cessation about Chinese loan which is only $3.1billion out of $79billion loan?

A file photo of Mr Femi Falana.

“Why are we not talking about the remaining $76billion whose conditionality is much worse than the Chinese loans we are talking about?

“So, why don’t you look at the entire loan portfolio? Look at the conditions. For instance, some of the western loans are to the effect that the government should increase electricity tariff, increase fuel price and so on and so forth,” he said.

Falana also knocked the federal lawmakers for “not complaining about those multiple taxations dictated by western imperialism.”

While admitting that every country has the right to enter into an agreement with issues relating to loans, the senior lawyer maintained that the National Assembly is required by law to look at the terms and conditions.

In doing this, Falana asked the Ministry of Justice to always scrutinise the terms and conditions of the agreements to the benefits of all Nigerians.