Buhari’s proposed $ 22.7 billion loan request threatened as opposition party sues FG – The Sun Nigeria

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Godwin Tsa, Abuja

A coalition of political parties acting through the Action People’s Party (APP) approached the Federal High Court in Abuja to stop the proposed loan of $ 22.7 billion.

The trial marked FHC / ABJ / CS / 2020 and dated March 16, has the Federal Government of Nigeria, President Muhammadu Buhari, the Attorney General of the Federation, the Minister of Finance and the National Assembly as defendants.

It asks the court, among other things, to annul or cancel any approval of external borrowing made by the National Assembly.

In addition, the lawsuit which was filed by Chibuzor Ezike, the plaintiff’s lawyer, raised seven issued to the court for decision.

The party also called for ten relief measures, including “a declaration that it is illegal and constitutive for the National Assembly to offer to take over any guarantee for the external loan requested by the president when the terms and conditions of the said loan have not been duly deposited, examined and approved by the NASS as required by law.

He also asked the court to declare unconstitutional, illegal and ultra vires the executive powers of the president to contract external loans and to participate in the negotiation and acquisition of any external loan without an appropriate legislative framework by the NASS.

No date has been set for the prosecution’s hearing.

Also on Monday, a statement by CUPP spokesperson Ikenga Imo Ugochinyere, the Coalition of United Political Parties (CUPP) said it had written to all lenders to suspend the loan request due to the lawsuit. In progress.

He said, “The loan application is riddled with project imbalance, lack of financial prudence, secrecy, plan to use the loan for frivolous projects, overcost of projects, corruption, improper application and disruption. ‘incompetence.

“The Senate leadership has clearly and unambiguously shown that it is not on the side of the people and that it does not represent the Nigerian people but their selfish interests. Their unpatriotic stance on national matters and their lack of vision became all the more evident and turned the Senate into a chamber filled with Alleluia boy politicians.

“Nigerian brethren, the dollar exchange rate due to certain vagaries, including gross mismanagement of our economy, is now N400 to the dollar. This means that at this rate, the foreign loan of 22.7 billion dollars will be equivalent to only nine trillion and eighty billion naira (9,080,000,000,000 naira).

“This is more than the entire 2019 budget and just a little less than the entire 2020 budget. How can a government borrow its entire budget when citizens doubt the content of the budget? ready, ”he added.

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