No more loans for Nigeria, it’s a contested project

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The Nigeria Alliance of Indigenous Nationalities for Self-Determination (NINAS) urged global financial institutions to stop lending to Nigeria.

NINAS, which is a multi-ethnic alliance comprising leaders from the southern and middle belts, said the country is a “contested project” and indigenous Nigerians cannot continue to repay such loans.

In a statement released on Sunday, the group added that further borrowing from the country would be considered “negligence.”

Chaired by Banji Akintoye (photo), NINAS had previously called on the government to hold a referendum for the “indigenous peoples of the southern and middle belt of Nigeria”.

In the statement by Shade Olukoya, chairman of its steering committee, the group said it was maintaining its position in December 2020 “when we declared a constitutional force majeure”.

The statement read: “We remind the international community that Nigeria is now a contested project. This was articulated during our press conference on December 16, 2020.

“Subsequent activities as set out at the press conferences on March 17, 2021 and April 17, 2021 underscore that Nigeria remains a contested project. Knowing and lending to a contentious project can only be seen as negligence.

“For the avoidance of doubt, Indigenous Nations will not and cannot be expected to repay such loans or allow their assets to be used as collateral to offset loans.

Nigeria has struggled under the weight of the increasing stock of public debt which stood at 32.92 billion naira at the end of 2020.

More of the debt was incurred under President Muhammadu Buhari.



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