ActionAid Nigeria has urged the senate not to honour the request by President Muhammadu Buhari for $800 million World Bank loan with just two weeks to his exit from office
Recall that the president recently sent a request to the national assembly to approve $800 million loan meant to cushion effect of the proposed removal of fuel subsidy.
The minister of finance, budget, and national planning, Mr. Zainab Ahmed, said Nigeria secured the World Bank facility as a first tranche of palliatives for disbursement through cash transfers to about 50 million most vulnerable Nigerians.
The request was made shortly after the senate approved another request from the president to securitise the pending N22.7 trillion ways and means advances of the Central Bank of Nigerians (CBN).
Reacting to the request, the chairman, board of trustees of the organisation, Dr. Jummai Umar-Ajijola, said in a statement that after the review of the state of the nation, it considered the request for a fresh loan as appalling and must be rejected by the senate.
He said the federal government must backtrack on its borrowing spree and proffer workable and sustainable solutions to grow the economy rather than a fixation on distributing $16 per person for two years, which will have neither minimal nor no impact in lowering the cost of living and poverty.
ActionAid charged the incoming administration to take steps to improve the distribution of infrastructure, crack down on fuel hoarding and diversion, and increase fuel importation in the long term.
“Nigeria must invest in domestic refining capacity, diversify the economy to reduce dependence on oil, and promote alternative energy sources,” the statement added.
The group also urged the president-elect, Mr. Bola Tinubu, to prioritise the conduct of a national census, owing to the importance of the data for policy making, planning, and resource allocation, adding that successful census will be critical for Nigeria’s development especially in hard-to-reach communities and locations with security threats.
“The incoming government must prioritise funding to all security agents in Nigeria to enhance intelligence services and improve infrastructure through training and standardised equipment. This should also include strengthening community policing initiatives,” it stated.
The organisation acknowledged that the nation has been through tough times, saying that part from the rancorous and disempowering nature of the politics that characterised the just-concluded elections, Nigerians also had to put up with socio-economic disruptive challenges, such as the poorly thought-out, badly timed, and poorly implemented Naira redesign policy by the Central Bank of Nigeria (CBN), and a combination of insecurity and high inflationary rate occasioned by banditry, killings, and activities of herdsmen, including abductions.
However, ActionAid recommended the need for the federal and state governments, the Independent National Electoral Commission (INEC), civil society organisations and all stakeholders involved in Nigeria’s electioneering to work together to audit the entire election process from the beginning to the end to ensure more transparency and help to build the confidence of the people in the democratic process.
