Should the World Bank approve Nigeria’s multi-billion dollar loan request on Tuesday?

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The Executive Board of the World Bank would meet in Washington DC on Tuesday to deliberate on a multi-billion dollar loan the administration of President Muhammadu Buhari has requested.

The Nigerian Minister of Finance Zainab Shamsuna Ahmed told reporters in Washington DC last October that the multi-billion dollar mega loan would be used to fund needed infrastructure.

TODAY NEWS AFRICA‘s story on the loan led to the ban of this newspaper by the Minister of Finance and her media team, after she falsely claimed the money had been approved by the World Bank when it had not.

If approved, the multi-billion dollar loan would be repaid many years from now, long after President Muhammadu and his Minister of Finance have left office by 2023 or before.

The deliberation on whether to approve or reject the multi-billion dollar loan comes a week after the United States agreed to return $308 million stolen by Nigeria’s former military Sani Abacha to Nigeria.

State Department spokesperson, Morgan Ortagus, said an agreement between the U.S. government, the Bailiwick of Jersey, and the Government of the Federal Republic of Nigeria for the return of more than $308 million stolen by late General Sani Abacha has been signed.

It also comes just days after the World Bank President Mr. David Malpass ‘indicted’ the African Development Bank headed by a Nigerian man for rushing to push billions into Nigeria and elsewhere without proper assessment.

The assertion that the African Development Bank may be contributing to Africa’s debt distress crisis infuriated Akinwumi Adesina and the bank issued a rare public rebuttal on Thursday against Mr. Malpass.

This publication is seeking answers from Nigerians on whether it would be a good idea to approve the multi-billion dollar loan, especially with infrastructure gap funding in Africa’s most populous country.

For instance, several foreign airlines have been diverting to Ghana this week amid bad weather and lack of proper landing equipment at Nigeria’s largest airport in Lagos. This is happening at the same time many data say the standard of living of Nigerians has continually collapsed under the administration of President Buhari.

This is a developing story that would be updated.

Simon Ateba
Simon Ateba
Based in Washington, District of Columbia, United States of America, Simon leads a brilliant team of reporters, freelance journalists, analysts, researchers and contributors from around the world to run TODAY NEWS AFRICA as editor-in-chief. Simon Ateba's journalistic experience spans over 10 years and covers many beats, including business and investment, information technology, politics, diplomacy, human rights, science reporting and much more. Write him: simonateba@todaynewsafrica.com

5 COMMENTS

  1. American Donald Trump and the World Bank have just confirmed to the entire world how little, lives of Nigerian populations inside and outside matter. They have just sponsored Muhammed Buhari to commence the worst terror and slaughter of ethnic communities ever perpetuated in any country in modern history. Buhari has converted entire Nigerian army as killing machines and posted them into every nuke and crane of local communities in Christian North East, North Central, and all northern states. He has massively deployed his military to South East, South South and South West. What this means is in areas where Christians are in the minority and where they are majority, Buhari has deployed his Boko Haram turned Nigerian military, Meyeti Alah and destroying machines with instructions to attack Churches or slaughter villages while they sleep.
    This is happening at the same time when EU, Britain and Trump’s America are banning fleeing Nigerians from entering their borders. The World was silent when Nigeria slaughtered over five million Igbos between 1967-1970; The World will also turn away their eyes as they have been doing since Buhari came into power, supported by France, Britain and America have been killing countless Christians in the North, and a total Jihad in the entire eastern and western Nigeria. Why?????? Do not think that this massive loan is getting to Nigeria in cash, it is coming in as massive military weapons; so Mohammed Buhari’s Jihad could be accomplished in Nigeria. But God who fought once for Igbos and Biafra will fight again this time to defend His poeple in Nigeria and HIS NAME JEHOVA BY CHRIST JESUS, Amen.

  2. I don’t think so….Why should the world bank approve Nigeria’s loan. What has the government done with the previously approved loans?
    How has it affected the man on the streets?

    If the United States government have agreed to repatriate $308 million dollars of Abacha loot, can the government not make do with that?

    How about the increased VAT from 5% to 7.5% taking effect from this month?

    If the government is transparent enough, let them also publish the terms and conditions of the loan.

    How are they preparing to pay back the loan?
    what is the interest rate for the loan?
    Let them not further burden posterity for the sake of immediate gratification, because in the end, it’s the next generation that will suffer the burden of loan repayment!

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