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…Wants court to restrain foreign creditors
Coalition of United Political Party (CUPP) has initiated moves to abort President Muhammadu Buhari’s $22.7billion foreign loan following Friday’s commencement of hearing by the Federal High Court, of the suit by the opposition coalition seeking to quash President Buhari’s plans to
borrow $22.7billion loan.
The suit also seeks to restrain the foreign creditors from lending such humongous fund to Nigeria.
The CUPP spokesperson, Ikenga Imo Ugochinyere filed the suit on behalf of the opposition coalition using the Action
Peoples Party (APP) against the Federal Government of Nigeria, President
Muhammadu Buhari, Attorney General of the Federation, Export-Import
Bank of Nigeria, African Development Bank, Minister of Finance and the
National Assembly.
The National Assembly had earlier in the week approved another set of
loans for President Muhammadu Buhari in two tranches of $5.5 Billion and
$22.7 Billion. The party is contending that the Federal
Government and President Muhammadu Buhari are mortgaging the future of the country by taking excessive loans and that the distribution of the
$22.7 Billion loan is lopsided since the entire North East and South
East did not get any project included within their geopolitical zones.
The opposition also argues that, “the loan is tied to frivolous and wasteful
projects that will not add any commensurate economic value to the country, much the same way the $500 million that is already up for squander in the so-called upgrade of Nigerian Television Authority (NTA).
The presiding judge, Justice Ijeoma Ojukwu however adjourned hearing to the 1st day of July, 2020.
