Ade Adesomoju, Abuja

A human rights lawyer, Mr. Femi Falana (SAN), has advised the Federal Government to shelve its plan to obtain $2bn loan from China.

He said instead of “plunging the nation into more indebtedness” the Federal Government should intensify efforts to recover some funds totalling about $200bn which were either not remitted to the Federation Account or stolen from the nation’s treasury.
Falana gave this advice in a letter dated April 8, 2016, addressed to the Minister of Finance, Mrs. Kemi Adeosun, threatening to sue the Federal Government if his request was not taken seriously.

He said, “In the light of the foregoing, we are compelled to call on the Federal Government to muster the political will and courage to recover the aforesaid withheld or stolen wealth of not less than $200bn belonging to the Nigerian people.

“However, if you refuse to accede to our request we shall have no alternative than to initiate legal proceedings at the Federal High Court with a view to restraining the Federal Government from further plunging the nation into external indebtedness.”

Earlier in a letter dated February 12, 2016 addressed to the minister, Falana had urged the Federal Government to jettison its plan to take a loan of $2.5bn from the World Bank and $1bn from the African Development Bank.

Falana had then urged the  Federal Government to explore alternative sources of raising revenue to fund the 2016 budget “instead of increasing the nation’s external debt of $64bn.”

He said in his fresh letter to Adeosun on Friday that the minister had  assured him that the issues raised in his letter were receiving the attention of the Federal Government.

His fresh letter titled, ‘Request for the collection of outstanding revenue of $200bn withheld from the Federation Account or stolen by looters.’

“In particular, we requested the Federal Government to embark on the recovery of the   revenue of $42bn  withheld from the Federation Account from 1999 to 2012 by some transnational oil companies, the Nigerian National Petroleum Corporation and other agencies  of the Federal Government.

 “In your reply dated March 17, 2016 you assured us that the issues raised in our letter were receiving the attention of the Federal Government.

 “We were therefore surprised to learn that the Administration had applied to the Chinese Government for another loan of $2bn.

“In urging the Federal Government to desist from taking the loan of $2bn from China or any other country we are compelled to advise the Federal Government to intensify efforts to recover the nation’s wealth which has been criminally diverted by a handful of local and foreign looters.”

Copyright PUNCH.

http://www.punchng.com/recover-200bn-loot-shelve-2bn-loan-plan-falana-tells-fg/

That's a good move. World Bank or IMF shd return the said Abacha's loot

PLEASE BABA TAKE OFF THE CHAINS TO REMOVE THE PAINS AND DELIVER THE CHANGE.

The worst is that our President would not be able to read and understand the conditions before appending his signature.

Pure common sense !

It may seem like the whole noise about "fighting corruption and recovery of looted funds" by this administration is mere Window dressing.

If Mr. President channels the resources for this China trip (estacodes, aviation costs, lodgings, feeding, etc) of himself and his entourage into recovering the looted funds, it will surely have outstanding benefits for our dear country, especially in the midst of economic crunch.

Rather than that, we waste more, going to borrow to finance a budget. So pathetic!

Falana like PMB are both economic illiterates
This is a classic case of the blind advising the blind!

The only thing this APC government knows is corruption. Buhari you're the minister of petroleum why is there fuel scarcity all over the country? Buhari will say corruption...

The budget you submitted to the NASS is highly padded why? Buhari says its because of corruption...

Buhari why have you been unable to put in place what you promised Nigerians? Buhari will be like 16yrs of PDP is highly corrupt...

Buhari why have you been on air more than in your office since your administration... Buhari will be like you know PDP is corrupt so he's travelling on their behalf for what they should have travelled the past 16yrs.

Tell them the truth that this administration is insensitive, visionless, directionless and khakistocratic they will say your corrupt.

Your fighting corruption yet things are going from bad to worse ...




Credit to @ayzTIGER

Nigeria.....
I rest my case