Several controversies have continued to trail President Mohammad Buhari’s intention of borrowing the sum of $800 million from the World bank, few days before the end of his administration.
According to report, the loan is to cushion the effect of fuel subsidy removal.
Civil Society Legislative Advocacy Centre (CISLAC) and Socio-Economic Rights and Accountability Project (SERAP) have kicked against taking the $800 million World Bank loan.
In agreement with them, human rights activist, Chief Dr. Patrick Eholor Osagie, otherwise known as Ultimate equal, conjoined with Registered Trustees of One Love Family Caring also known as One Love Foundation, has kicked against the decision of President Buhari. In a bid to back their course legally, a complaint has recently been filed at the Federal High Court Division in Asaba, Delta State, Nigeria.
According to the document revealed to Journalists, by attorney S. I , Dumbili, Esq., respondents to the complaint comprises ;the world bank group, the International Development Association, the President of the Federal Republic of Nigeria, Attorney General of the Federation, Federal Ministry Of Finance and Economic Development and the Debt Management Office of Nigeria.
The Complaint reads:
IN THE FEDERAL HIGH COURT OF NIGERIA
IN THE ASABA JUDICIAL DIVISION
HOLDEN AT ASABA
SUIT NO.:……………………
BETWEEN: [THE APPLICANTS]
1. THE REGISTERED TRUSTEES OF ONE LOVE FAMILY CARING [AKA ONE LOVE FOUNDATION]
2. CHIEF PATRICK OSAGIE EHOLOR
AND; [THE RESPONDENTS]
1. THE WORLD BANK GROUP
2. THE INTERNATIONAL DEVELOPMENT ASSOCIATION
3. THE PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA
4. THE ATTORNEY GENERAL OF THE FEDERATION
5. THE FEDERAL MINISTRY OF FINANCE & ECONOMIC DEVELOPMENT
6. DEBT MANAGEMENT OFFICE OF NIGERIA
DRAFT PRAYERS:
The Applicants pray to this Honourable Court for the following Reliefs:
1. A DECLARATION that on the fair and true construction of the extant provisions of Article 22 of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act which provides that: “All peoples shall have the right to their economic, social and cultural development with due regard to their freedom and identity and in the equal enjoyment of the common heritage of mankind” – the terms and conditions of the Financing Agreement (worth $800 million dollars and signed on or about the 16th of August, 2022 between the 1st and 2nd Respondents of the one part and the 3rd to 6th Respondents of the other part) will deprive the Applicants of their aforesaid Fundamental Right – to the extent that the loan for financing of palliatives to be disbursed through cash transfers to about 50 million Nigerians by the 2nd Respondent; a specific project which is not of high developmental priority in the light of the needs of the area or areas concerned as prescribed in Article V, Section 1(b) of the Articles of Agreement of the International Development Association.
2. A DECLARATION that on the fair and true construction of the extant provisions of Section 34(1)(b) of the 1999 Constitution which provides that: “Every individual is entitled to respect for the dignity of his person, and accordingly no person shall be held in slavery or servitude” – the terms and conditions of the Financing Agreement (worth $800 million dollars and signed on or about the 16th of August, 2022 between the 1st and 2nd Respondents of the one part and the 3rd to 6th Respondents of the other part) will deprive the Applicants of their aforesaid Fundamental Right – to the extent that the loan for financing of palliatives to be disbursed through cash transfers to about 50 million Nigerians by the 2nd Respondent comes with a commitment charge rate of 0.5 percent per year and a service charge of 0.75 percent per year on the withdrawn credit balance, as well as an interest charge of 1.25 percent per year on the withdrawn credit balance; and the repayment will be made in installments, with payments due on January 15 and July 15 each year (the first payment being due on January 15, 2027 and the last payment due on July 15, 2051).
3. A DECLARATION that on the fair and true construction of the extant provisions of Article 24 of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act which provides that: “All peoples shall have the right to a general satisfactory environment favourable to their development” – the terms and conditions of the Financing Agreement (worth $800 million dollars and signed on or about the 16th of August, 2022 between the 1st and 2nd Respondents of the one part and the 3rd to 6th Respondents of the other part) will deprive the Applicants of their aforesaid Fundamental Right – to the extent that the loan for financing of palliatives to be disbursed through cash transfers to about 50 million Nigerians by the 2nd Respondent; has made no arrangements to ensure that the proceeds of the financing are used only for the purposes for which the financing was provided as required Article V, Section 1(g) of the Articles of Agreement of the International Development Association.
4. AN ORDER directing the 1st to 6th Respondents to rescind the said Financing Agreement (worth $800 million dollars) signed on or about the 16th of August, 2022 (for financing of palliatives to be disbursed through cash transfers to about 50 million Nigerians by the 2nd Respondent); on grounds that the specific project is not of high developmental priority in the light of the needs of the area or areas concerned as well as its execution will be contrary to Article V, Section 1(b) of the Articles of Agreement of the International Development Association and no arrangements to ensure that the proceeds of the financing are used only for the purposes for which the financing was provided as required Article V, Section 1(g) of the Articles of Agreement of the International Development Association – and will therefore amount to a breach of Articles 22 & 24 of the African Charter on Human and Peoples’Rights (Ratification and Enforcement) Act as well as Section 34(1)(b) of the 1999 Constitution.
5. AN INJUNCTION restraining the 1st to 6th Respondents from implementing or giving effect to the said Financing Agreement (worth $800 million dollars) signed on or about the 16th of August, 2022 (for financing of palliatives to be disbursed through cash transfers to about 50 million Nigerians by the 2nd Respondent); in a manner contrary to Article V, Section 1(b)&(g) of the Articles of Agreement of the International Development Association and Articles 22 & 24 of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act as well as Section 34(1)(b) of the 1999 Constitution.
6. AND FOR SUCH FURTHER OR OTHER ORDERS as this Honourable Court may deem fit in the circumstances of this application to make.