High debt profile: Publish details of loans or face legal action, NLC, TUC, others tell FG

/IMF Annual Meetings in Washington, DC. NAN photo• APC, PDP trade words over $2.4bn Chinese loan, failed $400m Abuja CCTV projectThe Nigeria Labour Congress, the Trade Union Congress and 80 other organisations, under the aegis of the Alliance for Surviving COVID-19 and Beyond, on Monday asked the Federal Government to publish terms and conditions of all the loans it had taken.

But ASCAB in its statement titled, ‘‘ASCAB demands full disclosure of all loans obtained by Nigeria,’ said it would “challenge the authorities in court if the disclosures were not made.”It said if the National Assembly failed, the Debt Management Office should publish the terms and conditions of all external loans, or face legal fireworks.

It also noted that a committee of the House of Representatives was feigning ignorance concerning the terms and conditions attached to a particular loan agreement. ASCAB said the National Assembly appeared desperate to pull wool over the face of Nigerians by covering up its tracks regarding the clause in the Chinese loans.

“The loans were obtained with interest rates of 2.5 per annum, to be paid in 20 years with a moratorium of seven years,” it added. “Why the government has responded effectively to the needs of public officials including members of the National Assembly, the economic and social needs of the people remain a mirage,” the coalition said.Commenting on the loans, the Director-General, Nigeria’s Employers Consultative Association, Dr Timothy Olawale, explained that in any partnership agreement entered into by a country, national interest and interest of the citizens must be prioritised.

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