High debt profile: Publish details of loans or face legal action, NLC, TUC, others tell FG

The Nigeria Labour Congress, the Trade Union Congress and 80 other organisations, under the aegis of the Alliance for Surviving COVID-19 and Beyond, on Monday asked the Federal Government to publish terms and conditions of all the loans it had taken.

The group, in a statement by its Chairman, Mr Femi Falana, (SAN); the NLC President, Ayuba Wabba and his TUC counterpart, Quadri Olaleye, who are both co-chairmen, threatened a legal action against the government if it failed to publish details of the loans.

Recall that the Minister of Transportation, Rotimi Amaechi, while appearing before the House of Representatives Committee on Treaties, Protocols and Agreements on Tuesday last week, had asked the lawmakers to stop the investigation into the loan obtained from China to finance rail projects in Nigeria.

He warned that the probe would send a wrong signal to China, which could stop the loan, thereby thwarting the rail projects.

But ASCAB in its statement titled, ‘‘ASCAB demands full disclosure of all loans obtained by Nigeria,’ said it would “challenge the authorities in court if the disclosures were not made.”

The group also urged the National Assembly to reveal the terms and conditions of all external loans.

It said if the National Assembly failed, the Debt Management Office should publish the terms and conditions of all external loans, or face legal fireworks.

ASCAB, which is a coalition of labour and some 80 civil society groups, lamented that Nigeria’s debt profile which was N12.118tn as of May 2015 had leaped to N27.401tn in 2019.

It stated that the figure represented more than 100 per cent debt increase adding that by 2020, the nation had seen an astrological surge in the country’s external debts.

The group said recent revelations at the National Assembly had confirmed the fact that the loans were taken without proper public scrutiny.

It also noted that a committee of the House of Representatives was feigning ignorance concerning the terms and conditions attached to a particular loan agreement.

ASCAB said the huge debt being incurred for the country had the potential of stifling the prospects of economic liberation and political freedom of the people.

The group said within one year, the National Assembly had approved a total of $28bn loans for the President, Major General Muhammadu Buhari (retd.) with no commensurate improvement in the quality of lives of many Nigerians.