Following the approval of the 22.7 billion Naira loan request by President Muhammadu Buhari by the House of Representatives, the Umbrella body of opposition parties in Nigeria, the Coalition of the United political parties (CUPP) has called for the removal of the Senate President, Ahmed Lawan and the Speaker, Femi Gbajabiamila.
The CUPP, in a statement on Wednesday also slammed the lower chamber of the National Assembly terming its decision as a ‘parliamentary shame and disrespect to Nigerians.’
The spokesperson of the Coalition of United Political Parties, Ikenga Ugochinyere said that the current leadership of the nation’s legislature has turned Nigeria’s parliament into a huge joke.
“The CUPP is therefore left with no other option other than to urge responsible parliamentarians who still have the love of this country at heart to wake up and begin the process of removing Ahmad Lawan and Femi Gbajabiamila as Senate President and Speaker of the House of Representatives respectively to save the dwindling reputation of the Parliament. This step should be taken now before these two men completely bury the image of the 9th Assembly. Posterity will judge those who know the right thing to do but refused to do so at the appropriate time
“From the total borrowing of $22, 898,446, 773 as contained in the October 2019 re-forward request of President Buhari, a sum of $17, 065,496, 773 is funds proposed to be borrowed from China Exim Bank.
“For this to be coming at a period when COVID-19 pandemic has dealt a huge blow on our economy and we need all the money we can gather to reposition our economy is nothing but a sign of parliamentary and executive rascality and insensitivity.
“The Opposition political parties also notes with consternation the very provocative way the South East and other parts of the country were excluded from the approved loan. We say that this is an act that fuels division and national distrust.
The opposition coalition also berated lawmakers in the opposition for unanimously agreeing to the loan.
“These opposition lawmakers have betrayed the struggle for a better Nigeria and their Political parties especially the opposition PDP should discipline the lawmakers elected on their platform that have joined the APC in promoting anti peoples agenda and ridiculing the opposition. It is novel in a democracy that approval of 5.5b dollars and 22.7b dollars loans can be granted within hours without parliamentary deep scrutiny. This is show of parliamentary shame and height of politics of alleluhia boys”. CUPP Spokesperson said.
Details of the loan show that China Eximbank will provide the largest chunk of the $17.66 billion at 20 years maturity, 7 years moratorium, 0.5 percent management fee, 2.75 percent interest rate, 0.3 percent commitment fee and 3-7 years duration.
The World Bank will provide $2.854 billion at average repayment between 20-25 years, while the Africa Development Bank is to provide $1.889 billion at average maturity of 20 years. Among other lenders such as Agency Francaise de Development, German Development Bank.