 On a federal high court sitting in Abuja has adjourned the hearing of the suit seeking to stop the federal government from going ahead with its plan to securitize the ways and means debt of 22.7 trillion Naira by confating it to a promissory note or issuance of treasury bills and bonds certificate. The applicant in the suit is challenged in the legality of the six defendants, namely the President, the federal government, Central Bank of Nigeria, Ministry of Finance, Debt Management Office, National Assembly and the Attorney General to issue bonds according to the law. The presiding George justices Kola Wali on Motor Show adjourned the hearing till 4th of December to allow all the parties to file necessary court processes and then adopt the same. Assembly is as bad as 22.7 trillion. It has accumulated over the years. It is actually against the Section 38 of the CBN Act, which requires that amount borrow should be paid within that particular year and by securitizing it, it will form part of our national debt as it is currently. So why we were in court is first of all to establish that this act of the federal government is against the law. The approval granted by the National Assembly is against the law and all the processes and the steps already taken or that the Debt Management Office will be taken in time is actually against the law. Furthermore, the move to securitize these unpaid loans is against Section 38 paragraph B of the CBN Act, 2007. Borrowed amount that is borrowed under the WESA means ought to be repaid within that particular year and knowing that it is not repaid, Section 38 expressly prohibits the repayment to be in a form of securitization, promissory note or any form of bond at all. So even if the federal government wants to repay this debt back to the CBN, it cannot be portioned to Section 38, which is why we are in court. It ought not to be by way of securitization, which the federal government, the CBN, the Debt Management Office has actually started the process right now. Don't forget to hit the notification button so you get notified about fresh news updates.