END THE LOAN DRIVE, STOP THE INDEBTEDNESS!
President Tinubu’s government has secured significant World Bank loans, with sources indicating a total of around $7.2 billion to $6.45 billion borrowed since May 2023, though figures vary slightly between reports.
These loans are intended for various projects like power sector recovery, women’s empowerment, and social safety nets. However, there is also public concern and criticism regarding Nigeria’s escalating debt and the perceived lack of transparency and accountability in how these funds are used.
Key loan approvals and projects
1.Power Sector Recovery: $750 million approved in June 2023 to address the power sector.
2. Women Empowerment: $500 million for the “Nigeria for Women Program Scale-Up”.
3. Social Safety Nets: $800 million loan approved in July 2023.
4. Adolescent Girls’ Education: $700 million for the AGILE project in September 2023.
5. Economic Stabilization: $2.25 billion approved in June 2024.
6. Health, Education, and Power: $1.57 billion approved in September 2024.
Public reaction and concerns
Escalating Debt: Critics point to the increasing debt profile and question the long-term sustainability of these loans.
Transparency and Accountability: There are concerns and calls for greater transparency regarding how the loans are spent, especially whether they are being used appropriately for development projects.
Opposition to New Loans:
Some civil society groups and organizations oppose new borrowing, arguing that the government should focus on fiscal discipline, recovering stolen wealth, and investing honestly, rather than taking on more debt.
Misuse of Funds:
Investigations by the Office of the Auditor-General of the Federation have raised concerns about billions of Naira in funds being unaccounted for or spent on unperformed services.
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