The Socio-Economic Rights and Accountability Project (SERAP) has called on the Senate president, Dr. Ahmad Lawan, and Speaker of House of Representatives, Femi Gbajabiamila, to reject the request by President Muhammadu Buhari to borrow $4 billion and €710 million for proposed projects.
The rights group stated that the senate should reject the request, until the publication of details of spending of all loans obtained since May 29, 2015.
SERAP in an open letter dated 18th September, 2021, which is signed by organisation's deputy director, Kolawale Oluwadare. The organization expressed concerns about the growing debt crisis, the lack of transparency and accountability in the spending of loans that have been obtained, and 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 organization called on the National Assembly to not allow the government to accumulate debts, and use the country's scare resources for staggering and crippling debt service payments rather than for improved accessing of poor and vulnerable Nigerians to basic public services and human rights.
According to SERAP, Accumulation of excessive debts and unsustainable debt-servicing are inconsistent with the government’s international obligations to use the country’s maximum available resources to achieve progressively the realisation of economic and social rights, and access of Nigerians to basic public services.
The NGO noted that the loan if approved, would make the country's debt exceed N35 trillion.
Post a Comment