HURIWA TO INSTITUTE CLASS SUIT AGAINST EXTERNAL INDEBTEDNESS

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The Prominent pro-democracy and Not-for-profit body- HUMAN RIGHTS WRITERS ASSOCIATION OF NIGERIA ( HURIWA) is seeking partnership from a cross section of Nigerians so as to initiate a number of strategies to force the Federal government of Nigeria to put a stop to the rapid growth of foreign debts being accumulated by the central government and grossly mismanaged and stolen by government officials.

The civil Society group has also appealed to like-minded Nigerian Patriots to unite and wage a determined law based challenges against the unprecedented levels of foreign INDEBTEDNESS that the current administration is pushing Nigerians into just as the Rights group is working to set up a national register of Nigerians who will sign a global protest letters to be despatched to the World Bank, the International Monetary Fund, the Paris and London clubs of creditors and China to present a common front rejecting the liabilities that may accrue from the unbridled foreign INDEBTEDNESS being accumulated since the year 2015 by the federal government of Nigeria.

HURIWA which backed Nigeria former President Olusegun Obasanjo for legitimately questioning President Buhari’s plan to borrow more money, declaring that borrowing to accumulate debt for the next generation is criminal.

The former President Olusegun Obasanjo gave his opinion in an interview with Channels Television on the sidelines of an event in South Africa just as he cautioned that if the existing debt is left unserviced or unpaid, it might become a problem for successive administrations.

While noting that borrowing is not a problem, the former Nigerian leader stated that what could be a problem would be what one is borrowing for and the plan or capacity to pay back.

HURIWA recalled that President Buhari last week wrote to the National Assembly, seeking approval to borrow $4,054,476,863 and €710 million in an addendum to the 2018-2020 borrowing plan.

In the letter, the President explained that owing to “emerging needs”, there is a need to raise more funds for some “critical projects”, while seeking the parliament’s nod to also approve grant components of $125 million.

In July, the National Assembly approved the sums of $8.3 billion and €490 million loans contained in the initial 2018-2020 borrowing plan.

Reacting to the reports of excessive borrowings by the federal government, the HUMAN RIGHTS WRITERS ASSOCIATION OF NIGERIA (HURIWA) said it blames the current Federal minister of Finance, Budget and National Planning for lacking the necessary expertise to provide the best possible options outside the perennial tendencies of borrowings from all sorts of places just as the Rights group said there is evidence that the loans aren’t been spent productively and meaningfully but are being shared by politically exposed persons thereby dragging Nigeria into the unfortunate quagmire of becoming a heavily indebted Nation.

The Rights group said as a civil Rights advocacy group, it has consistently asked the ministry of Finance to stop misdirection President Muhammadu Buhari and to search inwards on ways and means of building up the commonwealth of Nigeria and to appropriately deploy the revenues generated by different revenue generating agencies to run efficient, effective and result oriented Administration instead of maintaining the current tendency of going all over the globe with cap in hand begging for foreign loans which are largely used to settle the huge wage bills of the expansive government set up by the administration.

“So we will be writing officially to President Muhammadu Buhari to inform him that Millions of Nigerians aren’t happy that his government had dragged us back into the foreign debts trap and then we will demand an end to the habit of chasing after all kinds of loans. Thereafter if there’s no positive result, we will file class action suit to compel President Muhammadu Buhari to stop building up heavy debts for the future generations “.

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