Economic Adversity: NINAS Warns IMF, World Bank Against More Loans As Nigeria’s Debt Hits N33trn

Some Nigerian senior citizens and activists have cautioned the international community against approving additional loans to the federal government.

Data from the Debt Management Office (DMO), as of December 2020, shows that Nigeria’s external debt stood at about N33trillion.

The citizens operating under the umbrella of the Nigerian Indigenous Nationalities Alliance for Self-Determination (NINAS) gave the warning over the weekend.

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.

In a statement, the Chairman Steering Committee of NINAS, Folashade Olukoya, expressed deep concern about the nation’s mounting debt burden.

President Muhammadu Buhari

“Nigeria is now a nation with questionable sovereignty, borrowing a “disputed project” loan is an act of negligence.” The statement read.

NINAS advised the World Bank, International Monetary Fund, African Union, European Union, United Nations, United States, and others to suspend approval of loans to Nigeria under the current administration of President Buhari.

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