FG Shouldn’t Borrow More Money, Politicians Should Instead Cut Their Allowances – SERAP

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit asking the Federal High Court to restrain and stop President Muhammadu Buhari and the FG from borrowing an estimated N895bn of Nigerians’ money.

SERAP recently revealed this via a statement, and Nigerians have been reacting.

According to the group, the government should not be allowed to borrow such money because it would end up affecting the right of the citizens to access adequate standard of living, clean water, quality healthcare and education.

SERAP added that it is sad that despite Nigeria’s dwindling oil revenue, growing level of public debt, and widespread poverty, public officers including the President, Vice President, governors and their deputies, and members of the National Assembly have refused to cut their emoluments, allowances and security votes.

His words, “The Federal Government should not be allowed to borrow Nigerians’ money. Borrowing unclaimed dividends and funds in dormant accounts owned by ordinary Nigerians would negatively affect their right to an adequate standard of living, and access to clean water, quality healthcare and education.”

“Despite Nigeria’s dwindling oil revenue, the growing level of public debt, and widespread poverty, public officers including the President, Vice President, governors and their deputies, and members of the National Assembly have refused to cut their emoluments, allowances and security votes. At the same time, millions of Nigerians continue to bear the brunt of mismanagement and corruption.”

“For there to be a borrower, there must be a lender. The intention to enter into such borrower-lender relationship must be known to both parties. Any other arrangement that allows a borrower to access funds from a lender without the knowledge and express consent of the lender will amount to stealing.”

“The Federal Government has repeatedly failed to ensure transparency and accountability in the spending of public wealth and resources such as recovered stolen public funds, and the loans so far obtained, estimated to be $31.98bn, and failed to address the systemic and widespread corruption in ministries, departments and agencies (MDAs).”