By Udesinanna Stephen
Following the Federal Government’s demand for an $800m loan from World Bank; the Socio-Economic Rights and Accountability Project has called on the World Bank to desist from disbursement of any loan to President Mohammad Buhari’s Led-government saying that it has barely two weeks to leave office.
The Socio-Economic Rights and Accountability Project (SERAP) made the call in its letter to the World Bank demanding the rejection of the loan.
According to the Federal Government, the $800 million loan is meant to support 50 million Nigerians as palliatives for fuel subsidy removal.
Meanwhile, SERAP is concerned that the government is seeking to spend the loan when it has barely two weeks to leave office and that the project objectives are unclear.
According to SERAP, suspending any disbursement of the loan to the government would save the country from corruption and mismanagement at the dime minute of the government.
SERAP said, “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.”
Also, the Rights Project, demanded that the World Bank should comply with international standards which are in its Articles of Agreement in disbursing any loans, and not be in a rush to disburse the $800m loan to the Nigerian government.
