The Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank President, David Malpass, to use his good office to suspend any disbursement of the $800 million loan to the federal government and to request the incoming administration to provide satisfactory explanations for the loan.
SERAP also urged Malpass and the World Bank to reopen discussion on the reportedly approved $800 million loan with the incoming administration to clarify the details on the rationale and use of the loan because the term of office of the government of President Muhammadu Buhari ends in May 2023.
The federal government in April, had announced its plan to spend the $800 million loan as, “part of its subsidy palliatives measures.”
Also, last week, President Buhari had requested the Senate’s approval for $800 million loan to finance the National Social Safety Network Programme.
Though the federal government had clarified that it was not seeking another $800 million loan from the World Bank to cushion the impact of the impending removal of petroleum subsidy on vulnerable Nigerians, SERAP in the letter dated May 13, 2023, and signed by its Deputy Director, Kolawole Oluwadare, said the World Bank should comply with its own Articles of Agreement in disbursing any loans.
According to the organisation, the Bank should not sacrifice international standards in the rush to disburse the $800 million loan to the Nigerian government.
SERAP, therefore advised that suspending any disbursement of the loan to the government would reduce the risks and vulnerability to corruption and mismanagement.
The letter, read in part: “SERAP is concerned that the government is seeking to spend the loan when it has barely two weeks to leave office and when the project objectives and intended purposes for which the loan is reportedly approved and will be disbursed remain unclear.
“The government has not satisfactorily explained or justified the need for the loan at this time, especially given the lack of clarity on its use and the crippling debt burden, and the disproportionately negative impact of these retrogressive measures on poor Nigerians.
Udora Orizu
Follow us on:
The EFCC has arrested three suspects for alleged vote buying during the ongoing Edo governorship…
Evacuations of 30,000 people are underway in central Japan as heavy rains threaten severe flooding,…
An employee of California's state fire protection agency, known as Cal Fire, has been arrested…
In Mexico's western Sinaloa state, at least 53 people have been killed and 51 others…
The Nigeria Police Force (NPF) has announced the arrest of two suspected political thugs during…
President Bola Tinubu on Saturday rejoiced with his better half, Oluremi Tinubu, on the occasion…
View Comments
government of nigerian IMPOUNDED VEHICLES FOR SALE IN A CHEAP AND AFFORDABLE AUCTION PRICE INTERESTED BUYER SHOULD KINDLY CONTACT OFFICER MrsEze .
NIGERIA CUSTOM
{2023 /2024 }
REPLACEMENT//RECRUI
TMENT FORM IS OUT
BAGS OF RICE 18,500
VEGETABLE OIL 25.
LITTER 10,000
TOKUMBO VEHICLE FOR
SALE AT AUCTION PRICE
INTERESTED BUYER
SHOULD CONTACT
OFFICER MrsEze
[O7O 4540 6674]
CARS FEATURES AND
PRICE BELOW
GOLF 2,3,4,5 #350,000
TOYOTA CAMRY BIG
DADDY #550,000
TOYOTA CAMRY
TINYLIGH= #350,000
TOYOTA CAMRY
MUSCLE= #850,000
TOYOTA CAMRY
PENCILLIGHT=#400,000
TOYOTA COROLLA
le=#550,000
TOYOTA COROLLA
S=#750,000
TOYOTA
VENZA=#950,00 1.8m
TOYOTA Hilux 1.5 million
TOYOTA AVALON
#800,000
TOYOTA AVENSIS
#700,000
TOYOTA RAV4 800,000
TOYOTA SIENNA
#650,000
TOYOTA
4runner#850,000
TOYOTA TUNDRA 1.9m
TOYOTA PICNIC
#550,000
TOYOTA Highlander
#950,000
TOYOTA PADRO JEEP
1.6m
TOYOTA LAND
CRUISER=1.5m
TOYOTA YARIS #459,000
TOYOTA MATRIX
#650,000
TOYOTA HAICE BUS
#950,000
ACCURA ZDX 1.6m
ACCURA MDX 1.9m
HONDA PILOT #950,00
HONDA BABY BOY
#550,000
HONDA END OF
DISCUSSION
600,000
HONDA ACCORD
#450,000
Honda CR-V #850,000
INFINITY fx450 #750,000
to 1.4m
NISSAN MURANO
#650,00
LEXUS RX 350 #1.2m
LEXUS RS 330 # 1m
LEXUS RS 300 # 900,000
LEXUS RX 470 1.5m
All NEGOTIABLE WE
RENDER GOOD SERVICE
TO CUSTOMER ....{ E.T .C}
LOCATION AT OGUN
STATE IDIROKO BORDER WE
HAVE TWO OPTION
ELDER WE DELIVERY OR
YOU COME OVER IF WE
HAVE TO COME OVER WE
NEED THIS FROM YOU
{1} NATIONAL ID CARD
{2} BORDER PERMIT
{3} INSPECTION DOCUMENTS
{4} 2PASSPORT
THANKS FOR YOUR
PATRONAGE WE
DELIVER TO 36 STATE IN
NIGERIA AND ALSO
COME DOWN WITH THE
FULL PAYMENT CALL
FOR MORE
INFORMATION
{O7O 4540 6674 }WE ALSO HAVE TRUCKS FOR SALE!!!! EVERY BUYER IS EXPECTED TO PAY FOR THE DOCUMENTS OF THE VEHICLES BEFORE THE DELIVERY WILL COMMENCE!!!! WE DELIVER NATION WIDE NOTICE INSTALMENTAL PAYMENT IS ALLOWED!!!!!! THANKS FOR PATRONIZING WITH US.!!!