Human rights lawyer, Mr Femi Falana, SAN has threatened legal action against the Federal Government if it make good its plan to borrow loan to finance the 2016 budget.
In a letter to the minister of finance, Falana argued that rather than borrowing fresh loan, government should strive to recover debts owed it by different groups and institutions.
According to him, it was real that the government has decided to apply for a loan of $2.5 billion from the World Bank and $1 billion from the African Development Bank for the purpose of financing the 2016 Budget, in spite of its debt profile of $64 billion.
Urging the government to desist from taken the loans, Falana asked that it embarks on the immediate recovery of outstanding loans and accrued revenues payable to the federation account.
He maintained that going for the loans will further burdened Nigerians.
The lawyer disclosed that from records, the Federal Government is owed nothing less than $66.5 billion which ought to be recovered without any further delay.
He listed the recoverable debts to include “the potential recoverable revenues payable to the Federation Account are not less than $20,221,018,007.00 (Twenty billion, two hundred and twenty one million, eighteen thousand, and seven hundered dollars only).”
The debts were said to have arisen from “underpayment/underassessment of taxes, royalties, levies and rents,” according to five cycles of independent audit reports compiled by the National Extractive Industries Transparency Initiative (NEITI).
Beside, Falana, noted that on October 4, 2006, the Central Bank of Nigeria apportioned $7 billion to 14 Nigerian banks to “manage” out of the nation’s external reserves, which stood at $38.07 billion, as at the end of July, 2006.
According to him, “the amount involved represented 18.39 per cent of the total external reserves at the material time. In addition, following the crisis of global capitalism, which occurred in 2008, the Central Bank of Nigeria gave a bailout of $4 billion (N600 billion) to the commercial banks in the country.
“The CBN has not deemed it fit to ask for the refund of the total sum of $11 billion injected into the banking system in the space of two years.”
“The CBN has not deemed it fit to ask for the refund of the total sum of $11 billion injected into the banking system in the space of two years.”
culled:vanguard
Wonderful!!!
ReplyDeleteFalana should goan sit down. Does he think that recovery on money will be actualized by mere snapping of the fingers, is he not aware of the legal procedures, which takes a lot of time in fund recovery. So the nation should stand still, while we wait for Bubu and his goons to recover funds, which might take forever. The FG should borrow, then and money recovered should be used in part to service debts.
DeleteFalana just wants an appointment, shikena
DeleteFalana sould indeed sue the FGN on behalf of the citizenry for another daylight robbery. Many of us are staunchly behind you, Sir. Enough is enough. QED@atm
DeleteHnmmm. Too many debts will just crumble things the more. Which way na Naija?
ReplyDeleteTht will b an end time epic legal battle.
DeleteThis man need to visit psychiatric hospital asap.
ReplyDeleteShut your mouth please
DeleteU nid e-slap
DeleteGBAM!
ReplyDeleteHe wants to turn nigeria into borrow pose!
What happened to all the money recovered?
Clueless president
You sound senseless most times...
DeleteOga Falana you are on point.All we hear is borrowing borrowing when orders are there busy swallowing the money.
ReplyDeletehhhhhhhmmmmm.
ReplyDeleteEnd time Lawyer
ReplyDeletePlease I don't want to discuss politics.
ReplyDeleteIs Femi Falana Falz's Dad?
I ask same question... Maybe or maybe not.
DeleteYes he is
Deleteyep
DeleteYes, he is
DeleteYeah he is
DeleteYaman...Oga jamb questions.
DeleteThanks ladies and anonys.
DeleteBillion billion billion
ReplyDelete...
Hmmmm.....God help Nigeria
ReplyDeleteI support you this time Sir..why should we keep borrowing, the monies recovered from those criminals should come in handy now to say the least.
ReplyDeletee reach to sue ohh...how can they take loan that they wont and cant pay back? And they expect our children to suffer what we are suffering now coz of the greed of our past leaders?
ReplyDeletewhat happened to the recovered funds,the 50naira stamp,etc.?
How can the masses go through this present hardship for nothing? Meanwhile,our so called leaders are gathering wealth for themselves and their generation.
Finally!!! Someone is speaking. What happened to all the so called money he has recovered and is still recovering?
ReplyDeleteAm with you on this...
ReplyDeleteYes, he is Falz's dad, @Iphie
ReplyDeleteWhere is the money that was returned by looters
ReplyDeleteThank u sir
ReplyDeleteSir, God bless u. Help us tell buhari to use d money recovered from dos dat loot nija money
ReplyDeleteThis guy Falana is just a hopeless attention sleeker
ReplyDeleteU r are confused. U nid to sleep
DeleteThis man should go and sit down somewhere joor. Is he not part of the failed judiciary that PMB complained weeks ago that they are giving him problems and delaying process and procedures of court cases?
ReplyDeleteIf they do their job the way they are supposed to, most of the looters would have been jailed by now to serve as a lesson for others and most,if not all the loot would have been recovered. Rather, the judiciary have allowed themselves to be used by these greedy politicians at the detriment of the country as a whole.
What about Falana suggesting that even if PMB borrows, the debt should be paid by the money recovered? Is he expecting the country to be at a stand still,waiting for money to be recovered before anything can be done? Mr Lawyer, talk better thing!
Judiciary is an arm of a government that is on their own and can't be controlled by the executive or legislative arm of government
DeleteThey have a way of doing things. You have to follow due process but the government isn't even following due process trying to control them..
Theoretically u are right @anony14:15 but in practise here in Nigeria???who dash monkey banana? The judiciary is being politicised too#u talk like a learner#lmao
DeleteMy sentiment though. The country can not be put on hold while trying to recover the debts. But on the other hand,Mr lawyer has made a reasonable point that should not be over look. I think we should try to recover this monies within a space of a year,then use it to pay our already existing debts. That way,we will owe less and make things easier in future
ReplyDelete