$45m Loan: House Member, NCP Condemn Action
By Joseph Ushigiale
Chairman House Committee on African Integration, Hon. Irem Ibom, as well as the National Conscience Party (NCP) have has criticised the unilateral approach adopted by President Olusegun Obasanjo to extend a loan facility of $40m and $5m to Ghana and Sao Tome and Principe, describing the decision as undemocratic and dictatorial.
Irem, who spoke with THISDAY in Lagos yesterday said Obasanjo, in approving the loan package, which is to enable the two countries meet their financial obligation to the Economic Community of West African States (ECOWAS) gas project, has failed to observe due process which he is an ardent apostle.
"It is wrong procedurally for Obasanjo, who has been preaching due process all along to now negate constitutional process by approving $45m for the two countries. He has been an apostle of due process and swore to uphold the provisions of the constitution, but his action on this issue has negated this process," he said.
According to Ibom, "the objective behind the request may be right, but the procedure is wrong and it appears political and not economic considerations informed the decision. It is also out of place for him to approve an external loan and then direct the Minister of Finance to liaise with her Ghanaian counterpart to work out conditions for repayment as outlined in his last paragraph to the National Assembly."
While describing the loan to the two countries as "an Xmas gift in July", Ibom said "it is wrong for Obasanjo to inform us that the $45m was sourced from ways and means and not the 2004 Budget because even from that source, it is funds drawn from the national treasury and no single person has the constitutional right to unilaterally disburse the funds without approval from the National Assembly."
He urged "all well-meaning parliamentarians to join hands in condemning this unilaterianism. People in position of authority may be tempted to use the excess crude funds in the same manner for purposes other than for the benefit of Nigerians."
Ibom said although the development of the oil and gas sectors and operation of the Joint Venture agreement with the two countries is desirable, "not only do economic indicators show that income per capita of each of these countries is better than Nigeria, but also these dictatorial tendencies are capable of sending signals internationally that we are a country without set rules."
On the establishment of a second monetary zone in the sub-region, Ibom decried the manner in which the location of the headquarters of the proposed ECOWAS Central Bank was ceded by the Federal Government to Ghana, adding that "in the same vein, since we control about 70 per cent of the West African economy, we have to strengthen our economy so that every other currency within the region would be valued through our currency as the dollar and pound sterling."
Meanwhile NCP has condemned what it said was the Federal Government's penchant for "doling" out money belonging to the Nigerian State to foreign countries while imposing economic hardship on Nigerians at home under the guise of lack of resources."
A statemen signed by the national secretary of NCP, Mr Femi Aborisade ,pointed out that last week, apart from the $45m doled out to Ghana and Sao Tome and Principe, ' the Federal Government also approved another $100m without the consent of the National Assembly, for the establishment in Nigeria of one of the four international centres named after former South African President Nelson Mandela to propel the development of science and technology.
Citing section 164(2) of the 1999 Constitution which spells out conditions under which external grants can be approved in furtherance of the country's foreign policy to strengthen his argument, Aborisade said "t amounted to deceit and hypocrisy for Obasanjo to pretend to be committed to the search for Knowledge and development of science and technology at the international level while deliberately starving local institutions of funds."
The party said the commitment of $145m for both the Mandela centre and as loan to Ghana and Sao Tome and Precipe, is another gross violation of the nation's constitution and an assault on the people, " the earler Obasanjo and the PDP are removed from power,, on a constitutional basis, the better for Nigeria and survival of the democratic process," he said.
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