Femi Falana, a Senior Advocate of Nigeria, explained how the military started corruption in the country between 1978 and 1986 and brought debt onto Nigeria since then.
He said if President Muhammadu Buhari is serious about fighting corruption, he [Buhari] would not mortgage the future of the country by seeking a $29.9bn loan.
Falana also advised Buhari to stop chasing after the loan, but rather engage in an aggressive recovery of looted funds stashed away in foreign banks by past military rulers in the country.
“By the time [former President Olusegun] Obasanjo was paying the debts, in one fell swoop in 2005, this country parted with $12.4bn for the West to forgive our debts. Meanwhile, they were the real sinners. At that time, on both the principal and the interest, we had paid $42bn. That amount alone could have eradicated poverty in the entire Africa.
“Now again, President Buhari wants to get a loan of $30bn. You know what that means? For generations unborn, we will mortgage their future, except the money is genuinely meant for infrastructural development, which is usually not the case once the money comes in. So Buhari should forget about the $30bn loan when he can get more than that if he goes after our stolen money in the West.”