Nigeria doesn’t need World Bank, ADB loans— Falana


L-R: Nigeria’s finance minister, Kemi Adeosun, IMF boss, Christine Lagarde and CBN governor, Godwin Emefiele
Human rights lawyer, Mr Femi Falana (SAN) says Nigeria does not need any loan from the World Bank or African Development Bank.
He gave reasons for not obtaining loans from foreign sources in a statement made available to P.M.NEWS.
According to Falana, if the over $25 billion (about N5 trillion) debts allegedly accumulated by the Asset Management Corporation of Nigeria (AMCON) could be recovered, it would go a long way in funding the 2016 budget and there won’t be any recourse to borrowing to fund the budget.
He said the Federal Government is being owed billions of dollars, far more than the $3.5bn it is about to borrow, with all the negative conditionalities attached to such loans that ordinary Nigerians would have to bear.
“When Nigeria paid a whopping sum of $12.4 billion to exit the London/Paris Club in 2005 the Federal Government assured the Nigerian people that the $2.1 billion falling due annually in Paris Club debt service would be made available to fund critical priority sectors such as education, health, etc. and stimulate the economy. Not only have the critical sectors been neglected, the Federal Government has further plunged the country into indebtedness. Notwithstanding that Nigeria is currently indebted to the tune of $64 billion, we have confirmed that the Federal Government has decided to apply for a loan of $2.5 billion from the World Bank and $1 billion from the African Development Bank for the purpose of financing the 2016 Budget.
“Having regard to the fact that the International Monetary Fund, whose endorsement is required for the World Bank loan of $2.5 billion, will insist that certain unpalatable conditionalities be imposed on the people of Nigeria, we urge the Federal Government to jettison the plan to …Read More

Source:: PM Newspaper