Lagos Lawyer Femi Falana (SAN) yesterday urged the federal government to recover its outstanding $66.5billion in loans, royalties, levies and other recoverable revenues instead of “seeking an emergency loan of $3.5 billion” to fund ots ambitions N6.8 billion loan

In a letter to Minister of Finance Mrs Kemi Adeosun dated February 12, Falana hinted of his plan to seek the leave of the court “not later than February 29” to stop the government from taking the loan, since “you have not deemed it fit to react to the serious issues raised in the letter.’

Falana had written a letter dated February 5, addressed to the minister, cautioning the government against taking an emergency $3.5 billion loan.

But the federal government has since announced that it is not taking “any emergency loan” to fund its 2016 budget plans.