Scores of Nigerian statesmen and activists have cautioned the International Monetary Fund (IMF), World Bank against approving additional loans to Nigeria.
The members of the Nigerian Indigenous Nationalities Alliance for Self-Determination (NINAS) gave the warning on Sunday.
According to the Debt Management Office (DMO), as of December 2020, Nigeria’s external debt was around N33trillion.
In a statement, Chairman, Steering Committee of NINAS, Folashade Olukoya, expressed dismay about the huge financial obligation.
The body declared that Nigeria is now a nation with questionable sovereignty, stressing that borrowing a “disputed project” loan was an act of negligence.
The citizens were signatories to the Constitutional Force Majure (CFM) declared December 16th, 2020 on the 1999 Constitution of Nigeria.
They include ex-Military Vice-President, Commodore Ebitu Ukiwe (rtd); ex-Plateau Governor, Jonah Jang; Second Republic Senator, Banji Akintoye; ex-President-General, Ohanaeze Ndigbo, Nnia Nwodo; Prof. Yusuf Turaki and 124 others.
The statement advised the World Bank, International Monetary Fund, African Union, European Union, United Nations, United States, and others to stop lending.
“New reaching the Nigerian Indigenous Nationalities Alliance for Self-Determination (NINAS) says that the Nigerian government has taken on further loans.
“Again, we remind the International Community that Nigeria is now a disputed project. This was articulated in our Press Conference of 16 December 2020, when we declared a Constitutional Force Majeure.
“Subsequent activities as articulated at Press Conferences of 17 March 2021, and 17 April 2021 emphasise that Nigeria remains a disputed project. Knowing this and lending to a disputed project can only be considered negligence.
“For the avoidance of doubt, the Indigenous Nations will not, and cannot be expected to repay such loans or allow their assets to be used as collateral to offset the loans”, NINAS noted.