Shun World Bank, AfDB loans –Falana

Mr. Femi Falana

Human rights lawyer, Mr. Femi Falana (SAN) yesterday advised the federal government to drop plans for loan facilities from the World Bank and African Development Bank (AfDB) in order to fund the 2016 budget. 
The government has proposed over N6trillion for the 2016 fiscal year with a deficit of over N2 trillion to be borrowed from foreign sources.


Falana said in a statement that if the over $25 billion (about N5 trillion) debt allegedly accumulated by the Assets Management Corporation of Nigeria (AMCON) could be recovered it should fund the budget without borrowing.

He said the amount being owed far exceeds the $3.5bn government intends to borrow.
He listed another source of funding as  monies recovered from various audits carried out by the National Extractive Industries Transparency Initiative (NEITI), among others.
According to him, the conditions attached to the loans would become a burden to the country. Falana also acknowledged the government’s efforts in recovering stolen funds, especially the ongoing arms probe.

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  infrastructure development, he said.