Human rights lawyer, Femi Falana (SAN), has advised the Federal Government against obtaining loan from the World Bank.
Recall that the Federal Government had disclosed its plan to borrow a sum of $2.5bn from the World Bank and another $1bn from the African Development Bank in order to finance the 2016 budget.
However, Falana in a letter addressed to the Minister of Finance, Mrs. Kemi Adeosun, stated that there was no need to obtain $3.5bn loan to finance the budget when the Federal Government could recover about $66.5bn it was being owed.
According to him, it was better if the Federal Government made effort to recover the over $66.5bn accruable to it, rather than obtain loan to finance the budget.
Falana said, “From the foregoing, you will agree with us that the hapless Nigerian people should not be made to pay for the gross mismanagement of the national economy by the Federal Government and the profligacy of the pampered members of the ruling class.
“Instead of taking a loan of $2.5bn with dangerous conditionalities from the World Bank, the Federal Government should recover the aforesaid loans and revenues of not less than $66.5bn with the assistance of the anti-graft agencies.
“While acknowledging the concerted efforts to recover the looted wealth of the nation through the anti-graft agencies and the Arms Procurement Panel, the Buhari Administration should embark on the immediate recovery of the aforesaid loans and accrued revenues with a view to financing the 2016 budget and the infrastructural development of the nation.”