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A former Deputy Governor of the Central Bank of Nigeria and presidential aspirant under the African Democratic Congress (ADC) Kingsley Moghalu, has raised concern over Nigeria’s plan to borrow $1.5 billion from the World Bank.
As part of the government’s efforts to address the fiscal gap in the 2023 budget, the Minister of Finance, Budget and National Planning Wale Edun, confirmed plans to secure a $1.5 billion loan from the World Bank.
“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 programmes, and sectors,” Edun said, adding “the World Bank money is the cheapest”.
The minister pointed out that the country has taken bold and courageous steps to attract investments and that Nigeria was now top consideration when people are looking at where to invest.
“Nigeria is definitely on the right path; we have taken the right decision for the economy to recover and for it to attract Foreign Direct Investment (FDI),” he added.
But Moghalu criticized the increasing borrowing trend while high-value purchases, like SUVs worth N160 million each for 360 House of Representatives members, are being considered and called for prudent management of the countries finances.
He said if he were President, government officials would not use public funds to buy foreign-made vehicles for official purposes when suitable local options are available.
His words: “If I were President of Nigeria or Governor of a State, no government official will drive a foreign made vehicle at government expense (procurement) when we have local alternatives.
“That is one demonstration of patriotic leadership and commitment to cutting the cost of governance. Anyone can order whatever vehicle they want with their personal funds, but official vehicles? No.
“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!”