The leader of the Indigenous People of Biafra, IPOB, Mazi Nnamdi Kanu, yesterday, kicked against further lending by foreign lenders to the Nigerian go
The leader of the Indigenous People of Biafra, IPOB, Mazi Nnamdi Kanu, yesterday, kicked against further lending by foreign lenders to the Nigerian government, saying it breaches the organic law of Nigeria, Vanguard is reporting.
The pro-Biafra leader warned international financial institutions that any foreign loan obtained in breach of the organic law of Nigeria would provoke a political/legal backlash that could complicate its repayment.
Mazi Kanu in a letter he personally signed and sent to the European Union State Department, African Union, International Monetary Fund, and World Bank, titled, “Foreign Lenders must stop lending to Nigeria”, alleged that Nigeria’s loan request was not only complex by accident but by design and deception.
The IPOB leader recalled that his group was on the front line of rallying a groundswell of opposition to the loan, because of its proposed expenditure plan that excluded the Southeast part of Nigeria in flagrant breach of Nigeria’s Constitution. Mazi Nnamdi Kanu’s statement read; “Just before the COVID-19 Pandemic struck, Nigeria was on the verge of taking a loan of almost $23 Billion from a complex mix of foreign lenders led by China.
“It was not complex by accident but by design and deception. “Nigeria’s rulers wanted the loan to be more acceptable to gullible Nigerians by tagging along with respected international financial institutions like International Monetary Fund, IMF and African Development Bank, AfDB, to a humongous Chinese loan that carried all the usual elements of corruption and usury that have many wise nations wary of Chinese loans.
“It is noteworthy that the Indigenous People of Biafra, IPOB, was on the front line of rallying a groundswell of opposition to the loan, especially because of its proposed expenditure plan that excluded the Southeast part of Nigeria in flagrant breach of Nigeria’s Constitution. We were concerned that any foreign loan obtained in breach of the organic law of Nigeria would provoke a political/legal backlash that will complicate its repayment.”
Kanu alleged that Nigeria was still keen in taking the suspended loan but the COVID-19 pandemic is contemporaneously diverting the attention of the world, including China, adding that there is a credible report that Nigeria wants to take another loan from IMF and AfDB.
“This is after the $2.2bn borrowed from the World Bank in February this year, which it claimed was for ‘immunization and job creation’, when in fact, the money was not for the purposes.
“We also gathered that the cabal ruling Nigeria wants to borrow another $3.4bn from IMF, $2.5 billion from World Bank and $1 billion from the African Development Bank. These loans should not be granted because the previous loans were grossly not utilized, was looted and spent in a manner that breached the Nigerian constitutional provisions on revenue allocation between the central and state governments on the one hand, and the geopolitical regions of Nigeria on the other.”
“We are reliably informed that Nigeria handlers are in another deception by falsely claiming that the new loans will be used to “fight COVID-19, and to assist the poor and small businesses. Who takes loans to fight COVID? You do not need loans to fight a pandemic, you instead need aid and global goodwill, and that is what all countries in need have relied on throughout history.”
