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Moghalu Kicks as FG Plans Fresh $1.5bn World Bank Loan

Plans by the Federal Government to borrow a fresh $1.5 billion loan from the World Bank have attracted kicks and condemnation from various quarters.

Daily Report Nigeria reports that Wale Edun, the Minister of Finance and Coordinating Minister of the Economy while speaking with newsmen at the 2023 Annual Meetings of the World Bank and the International Monetary Fund (IMF) in Marrakech, Morocco, confirmed the government’s plan to receive the loan.

In the Minister’s statement: “On the talks with the World Bank on $1.5 billion budget support, that is correct.

“The World Bank is the number one multilateral development bank helping developing countries or funding developing countries, projects and programs, and sectors.

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“It has free money through either International Development Association (IDA).

“It is for the poorer countries and right now I think we qualify as one of the countries that can borrow in the normal window of World Bank funding but also some concessionary IDA funding and that means that effectively the interest rate will be zero,”

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The development has been greeted with differing reactions from stakeholders, including Dr. Kingsley Oghalu, a former Deputy Governor of the Central  Bank of Nigeria.

Reacting via his X official page, Moghalu said Nigeria is becoming a carcass, “and our political class its scavengers.”

“There is a real problem when Nigeria is set to borrow another $1.5 billion from @WorldBank for budget support, and SUVs worth N160 million each are reportedly to be bought for 360 members of the House of Representatives. We are not yet serious as a country.

“Nigeria is becoming a carcass, and our political class its scavengers,”


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