Unpaid loans: Outgoing lawmakers under pressure by banks

June 2, 2019
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Some outgoing senators are allegedly under serious pressure following their inability to meet their financial obligations to the banks that gave them loans for their elections.

Findings by National Daily revealed that some of the banks, operating within the National Assembly complex, offered loans ranging from N100bn to N2bn to some of the lawmakers for their campaigns.

While findings revealed that the banks have been deducting the money from the affected lawmakers’ salaries, their defeat in the last general elections is likely going to affect the payment, hence the need to target the lawmakers severance package for the repayment of the loans.

A representative of one of the banks told our correspondent on condition of anonymity that the balance of the loans would be deducted from the severance package of the outgoing lawmakers.

He said, “We give lawmakers loans every election year, but we had more requests this year.

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“For instance in 2015, many of the lawmakers were very buoyant going by their account balances at our disposal, but now, the situation is different. We had to reduce the amount we gave them this year.

“We don’t really have issues with the returning lawmakers but those who owe us and had lost their bid to return would have to sacrifice part of their severance packages.”

Most of the senators approached by newsmen for comments declined to speak.

However, those who spoke to our correspondent confirmed taking loans from the banks for their elections.

One of them from the South-West, lost reelection, said, “There is no way we could execute our elections without taking loans.

“I was in the sixth and seventh Senate but we never had it so tough. I know the amount of money I borrowed then and now. Let me tell you. I still owe my printers. There is no way I could go into the last elections without loans.

“The beautiful thing is that I am almost through with my loans and I won’t be indebted again after the payment of my outstanding allowances and severance package.”

Attempts by newsmen to speak with the National Assembly management on the issue was not successful as the Director of Information, Mr Rawlings Agada, could not be reached on the telephone as his lines failed to connect.

A senior member of the management however told newsmen on condition of anonymity that the arrangement was strictly between the individual lawmakers and their banks.

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