“Tell Nigerians What You Plan To Do With $5.5BN Foreign Loan”
So, it is no longer news that the federal government has gotten a nod from lawmakers to borrow $5.5 billion, about 1.7 trillion naira from overseas.
The federal has indeed started borrowing some of these sums.
Perhaps for accountability sake, a non-governmental organisation, NGO known as Social Action Nigeria, has written to the Minister of Finance, Mrs. Kemi Adeosun, demanding explanation on how the $5.5 billion would be expended.
In two letters dated November 24 and December 18, Social Action Nigeria said it is necessary for the government to give explanation and proper account of the funds in accordance with the Freedom of Information Act, 2011.
In the letters signed by its Executive Director, Mrs. Vivian Bellonwu-Okafor, the organisation demanded that the government should disclose the specific projects and the amounts to be spent as well as the conditions, terms, interests and repayment plan.
“We are mindful of the potential impact of the loans on the economy of our country as well as on the lives of Nigerian citizens.
“We are concerned by the paucity of information regarding the proposed loans, a situation that will effectively compromise and indeed frustrate any attempt at monitoring of same by any individual or organisation in tandem with constitutional provisions and democratic tenets,” Bellonwu-Okafor said.
She added: “Further, being mindful of the unsatisfactory application of previous loans obtained by the country and the burdens it placed on the citizenry, we therefore request for full disclosure on these loans.”
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