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Monday, 15 May 2023

“He Has Barely 2 Weeks In Office’ – World Bank Asked To Stop Disbursement Of $800m Loan To Buhari Administration

The World Bank has been asked not to disburse the $800m loan sought by President Muhammadu Buhari’s administration.

This was disclosed in a letter to the global financial institution by the Socio-Economic Rights and Accountability Project (SERAP).

Recall that the Federal Government had early this year said it planned to borrow $800 million to support 50 million Nigerians as palliatives for fuel subsidy removal.

Recently, he wrote to the Senate seeking approval for the said loan.

But SERAP, in its letter, wants the World Bank President Mr David Malpass to suspend the disbursement of the $800m loan and await proper explanation from the incoming administration.

The advocacy group alleged that the usage of such loans needs to be clarified in view of the economic problems bedeviling the nation.

The statement partly reads,“The World Bank should comply with its own Articles of Agreement in disbursing any loans. The Bank should not sacrifice international standards in the rush to disburse the $800m loan to the government.

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