Former lawmaker warns FG against accepting bailouts from multinational organisations vanguardngr.com vanguardnews
A former House of Representatives member, Mr. Ned Nwoko, has warned Nigerian government against going for bailouts from multinational organisations, like the World Bank or International Monetary Fund which insist on harsh conditionality and policy reforms that give scanty consideration to local economic conditions, cultures and environments in the countries they are requiring policy reforms.
“The interests and goals of some of these organisations are often at variance with those of developing countries like Nigeria,” he said. Nwoko also warned on improper utilisation of foreign loans, saying such was a major factor that makes repayment of such debt an herculean task. Nwoko, then added that a very large chunk of the concessional funds released for the projects is ploughed back to the creditor country.
The former lawmaker further called for continuity and seamless transitions with regard to the management of foreign debts so that policies would continue when the government is transferred from one individual or group to another.
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