'Suspend Disbursement Of $800Million Loan To Nigerian Government', SERAPNigeria Tells World Bank | Sahara Reporters
May 14, 2023The Federal Government in April announced its plan to spend the $800 million loan as 'part of its subsidy palliatives measures'.
The organisation disclosed this in a statement issued on Sunday by its deputy director, Kolawole Oluwadare. In the letter dated May 13, 2023, and signed by SERAP deputy director, Oluwadare, the organisation said:"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.
It continued,"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. "We would consider the option of pursuing legal action should the World Bank refuse to suspend the disbursement of the loan to the Federal Government and to implement the other recommendations contained in this letter, and we may join the government in any such suit.
SERAP said spending on the National Social Safety Net Programme “has been mostly shrouded in secrecy."
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