National Assembly’s unannounced approval of Eurobond loan

THE chairman of the Senate Committee on Media and Public Affairs, Senator  Aliyu Sabi Abdullahi, was reacting to the allegation from the Minister of Transportation, Mr Rotimi Amaechi, that the National Assembly was delaying progress on major infrastructure in Nigeria because of the non-approval of the plan of the President Muhammadu Buhari government to borrow $30 billion, when he perhaps inadvertently stated: “As of today, the only request for approval from the Executive for loan was the one dated January 27, 2017 and signed by Acting President, Professor Yemi Osinbajo seeking a ‘resolution of the National Assembly for the Issuance of USD 1 Billion Eurobond In the International Capital Market For The Funding of the 2016 Budget Deficit’ and we immediately granted the approval.” This was the first time that Nigerians would get to know about a Eurobond loan of $1 billion that the Federal Government sought with the approval of the National Assembly. The government did not tell the people, on behalf of whom it must be acting, anything about this loan. And the National Assembly did not say anything either. Indeed, Nigerians are not aware of any resolution in the open in any of the chambers of the National Assembly raising, supporting or approving this particular Eurobond loan. This was a deal that was to be done in the name of Nigerians under the table. This, to say the least, is very unfortunate.

The government and the representatives in the National Assembly must have forgotten that the country currently operates a democratic government which is essentially representative, such that government is expected to function every time in responsiveness and responsibility to the people. And it is in line with this requirement that the Nigerian constitution provides that no funds belonging to the country could be expended except as appropriated by the representatives of the people in the National Assembly, with the expectation that the representatives would consult with, mirror and reflect the wishes of the people in deciding on such appropriation. It is within this same context that the National Assembly is expected to operate in the open, with the sitting chambers having public galleries through which the people could come to sit and watch the proceedings of the Assembly. Whereas the Senate and the House of Representatives sometimes sit in camera and are also expected to treat issues of security far from the prying eyes of the people, the overall decisions made during sittings in camera and those relating to security issues are still expected to be announced to the public and put in the official record of the proceedings of the two houses. This way, the National Assembly would stand as the true representatives of the people and ensure that they are kept abreast of all developments in government, particularly by the instrumentality of public hearings through which public perception is harnessed before the enactment of major laws.

Unfortunately, in the present circumstance, it would seem that the National Assembly was more concerned with dancing to the tune of the Executive than playing its constitutional role as the people’s representatives. It was not just that the public was not consulted on the issue of the Eurobond loan; the National Assembly never publicly acknowledged that the issue was under consideration. This means that the National Assembly was ready to sacrifice the people in order to play ball with the Executive. Yet, this is a loan that all Nigerians, including even the unborn, would be expected to repay given that the maturity date is 2032. Nigerians were being sold into a 15-year debt burden without Nigerians having a say and without even being told about the transaction. This is essentially a betrayal of the true function of the legislature by the leadership and members of the current National Assembly. Let it be known that the true representatives of the people do not function in the dark and do not give approvals that are not known to the people. With its current conduct, the members of the National Assembly are showing that they are not with the people and that they do not set great store by their responsibility of being the ears and eyes of the people.

Evidently, the current National Assembly is comfortable with approving requests from the Executive without even debating such requests because these so-called representatives of the people are afraid of the people and do not want to let the people know what they are doing as their representatives. It cannot be over emphasised, however, that this is a misnomer under true democratic rule and it would be important for the National Assembly to wean itself off such conduct and ensure that all its acts are conducted in the open and known to the people if it is still to be regarded as a vigilant legislature that is functioning on behalf of the people as their true democratic representatives.