Group urges federal government to reject foreign debts

A group, Strategic Union of Professionals for the Advancement of Nigeria (SUPA) has called on the federal government to reject the debt pardon recently given by the Paris Club describing it as dubious.

In a communiqué issued at the end of a national delegates conference held in Lagos recently and jointly signed by Engr. Ahyuwa and Victor Omoruvwie, the national secretary and provost-marshal respectively, the group stated that the federal government should not accept the Paris Club proposal, saying that “we do not accept to pay additional $36 billion for $13.5 billion total loans, after the $42 billion paid already.”

The communiqué said that the withheld Lagos state local government funds should be released to prevent further political, social and infrastructural decay in the state.

It noted that the just concluded National Political Reform Conference (NPRC) which ended in a stalemate was because of the refusal of other delegates to grant the demand of 25% derivation revenue by the South-south. The group therefore urged the federal government to approve 25% or more as derivation funds, for all mineral produce, particularly oil and gas.

Sheriff Balogun, This Day (Lagos), July 25, 2005

Categories: Africa, Nigeria, Odious Debts

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