In the suit filed last week before the ECOWAS Court of Justice in Abuja, SERAP sought: “An order directing and compelling the Federal Government to issue an immediate moratorium on borrowing by itself, and the 36 states, in conformity with the country’s international human rights obligations.”
SERAP is arguing that “The crippling debt burden is a human rights issue within the jurisdiction of the ECOWAS Court because when the entire country is burdened by unsustainable debts, there will be little money left to ensure access of poor and vulnerable Nigerians to legally enforceable socio-economic rights.”
In the suit filed by SERAP lawyers Kolawole Oluwadare and Opeyemi Owolabi, the organisation contends that “Long-term unsustainable debt can be a barrier to the government’s ability to mobilize resources for human rights, and may lead to taxes and user fees that impact negatively on vulnerable and marginalised Nigerians.”
“The ability of the Nigerian government to ensure human rights is inextricably related to the ability to spend needed resources. Growing debt burdens and debt repayment difficulties will have negative impacts on the ability of the Defendant to fulfill the basic socio-economic rights of poor and vulnerable Nigerians.”
“This followed previous approvals by the National Assembly of $16.2 billion loan; €1 million and a grant component of $125 million loan; $36.8 billion, €910 million loans, and a grant component of $10 million; $8.3 billion and €490 million loans; $6.1 billion, $1.5 billion and 995 million loans; and $4, €710 million and grant component of $125 million.”
“According to the World Bank’s IDA FY21 Report, with debt exposure of $11.7 Billion US Dollars, Nigeria ranked fifth among the top 10 countries with highest debt risk exposure. The top four countries are India with $22 billion, Bangladesh , Pakistan , and Vietnam .”
The development countries are receiving loan not only Nigeria
The federal government has spended much money to Nigerian youth empowerment but their failingly use that money to the appropriate way. The money is either swallowing by the nake or stole
I think, they should include the over $9B spent on a claimed turn around maintenance of our refineries, without any result to show.
God bless and help you SERAP. Nigerians will support you and you will not loose focus Na una Sabi recite that national anthem.
Great move hopefully ECOWAS will......
Good move.
Na which court SERAP neva take FG to sef?
Waste of precious plain sheets, ink, court section...the needful is far off
It is barbarous to run a country without any form of transparency and accountability from the leaders. The presidency shouldn’t be a cult, for goodness sake you’re answerable to the people who elected you.
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