Falana advises FG not to take $29bn loan

Human Right activist and former president of Committee for Defence of Human Rights, CDHR, Femi Falana, has advised the federal government not to go ahead with the proposed borrowing of 29 billion dollar loan from the World bank.


He added that instead of borrowing such huge amount and putting the future of the younger generation in jeopardy, he should source the funds internally from the money of recovered loot and others.

[pro_ad_display_adzone id=”60438″]

Responding to President Muhammadu Buhari’s request to the National Assembly to approve external borrowing plan of $29.960 billion to execute key infrastructural projects across the country between 2016 and 2018, Falana said at the 2016 Annual General Conference of CDHR held at MAN House in Ikeja over the weekend , that it was not wise to borrow such a huge amount at such a time.

He said, “We hear that the federal government wants to borrow $29 billion to fund the economy, my advice is we do not need to do this at such a period in our economy.

”What about the millions of the recovered loots from those who stole our money, our money that are in the hands of those who decided to steal from the treasury? I have a report from Nigeria Extractive Transparency Initiative,NEITI which states that the oil companies and NNPC are owing the federal government a joint $20.2b. All these should be recovered and used for these projects instead of putting the destiny of the younger generation and those to come in jeopardy as a result of the huge national debt it will bring.”



  1. This country was in debt crisis from loans OBJ took in the 1970s without any need for same. He returned to government and met the crisis. Mrs. Okonji Oweala then Finance Minister and former World Bank Managing Director helped to clear through debt forgiveness and debt swap.

    Now, Buhari wants to nail the coffin of Nigeria by borrowing $29billion. Who will pay the money? Government generate revenue to finance what it plans to do. Not borrowing as the Cardinal measure to invest in infrastructure.
    Tell me, what has a man achieved, if he borrows to make himself comfortable, and unable to repay tomorrow? If he must borrow, what is his program to repay these loans?, Will his government repay these loans before he leaves power in 2019, or the loans will be left to destroy future government?
    David Cameron of Britain inherited a collapsing economy, but he turned it around by macro and micro economic policies; and cost saving measures to turn the British Economy around. It is a lazy and thoughtless approach to borrow and enslave the nation, if Buhari has no idea to generate income to do what he plans to do, he should not be allowed to enslave future generations.
    Good governance is one that can generate income internally, and use same to develop infrastructure. The borrower is a slave of the lender. Anybody can borrow, if given the opportunity to do whatever he wishes to do and look good and appeared to have achieved. Won’t the lender confiscate the property if he cannot pay? If not recoverable, won’t the family of the borrower be in slavery? Buhari wants to sell Nigeria. He should be stopped. He should spend what he can earn or generate from his works, not borrowing money he will not repay within his tenure in Office. He wants to mortgage the future of Nigeria, but will selfishly claim, I did that and that. The question that he would not like to answer is, “WAS IT BORROWED MONEY” OR YOU WORKED FOR THE MONEY YOU SPENT? Anybody can borrow and spend and run away. It is the man who generates or earns the money and spend same is the hero!

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.