Scores of Nigerian statesmen and activists have cautioned the international community against approving additional loans to the federal government.


The members of Nigerian Indigenous Nationalities Alliance for Self-Determination (NINAS) gave the warning on Sunday.

According to the Debt Management Office (DMO), as of December 2020, Nigeria’s external debt was around N33trillion.

In a statement, Chairman, Steering Committee of NINAS, Folashade Olukoya, expressed dismay about the huge financial obligation.

The body declared that Nigeria is now a nation with questionable sovereignty, stressing that borrowing a “disputed project” loan was an act of negligence.

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The citizens were signatories to the Constitutional Force Majure (CFM) declared December 16th 2020 on the 1999 Constitution of Nigeria.

They include ex-Military Vice-President, Commodore Ebitu Ukiwe (rtd); ex-Plateau Governor, Jonah Jang; Second Republic Senator, Banji Akintoye; ex-President-General, Ohanaeze Ndigbo, Nnia Nwodo; Prof. Yusuf Turaki and 124 others.

The statement advised the World Bank, International Monetary Fund, African Union, European Union, United Nations, United States, and others to stop lending.

“New reaching the Nigerian Indigenous Nationalities Alliance for Self-Determination (NINAS) says that the Nigerian government has taken on further loans.

“Again, we remind the International Community that Nigeria is now a disputed project. This was articulated in our Press Conference of 16 December 2020, when we declared a Constitutional Force Majeure.

“Subsequent activities as articulated at Press Conferences of 17 March 2021, and 17 April 2021 emphasise that Nigeria remains a disputed project. Knowing this and lending to a disputed project can only be considered negligence.

“For the avoidance of doubt, the Indigenous Nations will not, and cannot be expected to repay such loans or allow their assets to be used as collateral to offset the loans”, NINAS noted. https://dailypost.ng/2021/06/27/akintoye-nwodo-turaki-others-warn-imf-world-bank-as-nigeria-loans-hit-n33trn/amp/?

Borrowing is good. Let's borrow more.

By the time the Oduduwa nation, Niger Delta nation and Biafra agitators see their share of the huge debt bill, they will decide to leave the agitation and start selling their lands to pay up. You have to impoverish the people with debts before the can get sense.

Let's please borrow more, after all Ahmed Lawan used his own borrowed loot to marry an Arab girl, Pantami, Ahmed Garba, Shehu Garba and el ruffai will also need forth and fifth wives. It's good to borrow.

Good strategy by the federal government.

People say Bubu is building infrastructure but he is doing these little infrastructures with 100% borrowed money to be paid by future govts. So the question is who did the infrastructures, Bubu or the payers being the future govts?

Them go gree hear?

Buhari is borrowing loan to build rail way in Niger republic, using Nigeria as collateral.

The loans isn't my problem.....



What the loan is used for is the point here....What will be the return of investment...? To service the loan, will the next government abandoned the projects or continue and finish some of the projects?


Recently, the rail system have been generating lots of revenue...and I hope that it will be an added advantage to NPA, Custom and co....



Stopping the loan is more like stopping infrastructural development as almost all the countries borrow to raise infrastructures that will bring about development and revenue...

Modified...

Some people quoted me and insulted me...


Let's look at it this way...

if you become a local government chairman... and you're relying on your governor to pay your salary, then you're not fit for any other political position.....

As a local government chairman, you could borrow money to tar express road leading to your local government.. Borrow money to set a standard university or hospital that will generate money and in turn bring about development to some communities around your LGA. You can borrow money to set up an ict hub for the youths to enhance their skills....


I learned this from th former governor of cross river state.

But the problem is always about the measures set aside for the payment of these loans....If that isn't achievable, then the essence of the loan will be useless...

A disputed project"this english got me.... but borrowing is in the constitution..... borrowing to pay salaries...

Let the borrowing continue

Naija don go

Innerpeace1:
Naija don go

To a point of no return!

Innerpeace1:
Naija don go

Wait till I excuse you guys first... then you can "go".

they sud rather warn the economic illiterate in Aso Rock

Lalasticlala lend us.

But he used the money judiciously what the fvk.

I have never seen more stewpid government

They never think about how to improve revenues, they only think about how to borrow forgetting that their children will have to pay

Borrowing without meaningful development.

yanabasee1:
The loans isn't my problem.....



What the loan is used for is the point here....What will be the return of investment...? To service the loan, will the next government abandoned the projects or continue and finish some of the projects?


Recently, the rail system have been generating lots of revenue...and I hope that it will be an added advantage to NPA, Custom and co....



Stopping the loan is more like stopping infrastructural development as almost all the countries borrow to raise infrastructures that will bring about development and revenue...

Lolz. Shame on you for reasoning like a cow.

You borrow money to build train into another country.

Does this your reasoning make you sound dumb or idiotic?

I'm sure our darling daddy means well with those loans, he needs to borrow more to be able to complete his mission

[quote author=yanabasee1 post=103143876]The loans isn't my problem.....



What the loan is used for is the point here....What will be the return of investment...? To service the loan, will the next government abandoned the projects or continue and finish some of the projects?


Recently, the rail system have been generating lots of revenue...and I hope that it will be an added advantage to NPA, Custom and co....



Stopping the loan is more like stopping infrastructural development as almost all the countries borrow to raise infrastructures that will bring about development and revenue...
[/quote
You must either very dense or naive or both

Loan used for construction of railway to Niger, loan used for endless search of oil in the north.

No problem oo, las las we will all have sense. Na masses I pity because their poverty lifestyle will be raised to power4

Cash out

FunnyJosh:
Cash out

Big time!

Soon everyone will throw away their naira. Let them continue borrowing

When you jump to 5000% inflation eye go clear aboki

At N33trn owed in debts this government is even trying to borrow more......

I wonder how this country will repay all this debts!

Buhari ( Yoruba made messiah)

Blackfire:
Buhari ( Yoruba made messiah)

BMC made messiah.