Former CBN deputy governor Kingsley Moghalu expressed resistance to the federal government’s proposal to borrow $1.5 billion from the World Bank.
Speaking to reporters during the 2023 Annual Meetings of the World Bank and the International Monetary Fund (IMF) in Marrakech, Morocco, Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, confirmed the loan.
Edun assured that President Bola Tinubu’s administration would not go over Ways and Means limitations, pledging that monetary and fiscal policy would be coordinated.
“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.
“It has free money through either International Development Association (IDA).
“It is for the poorer countries and right now I think we qualify as one of the countries that can borrow in the normal window of World Bank funding but also some concessionary IDA funding and that means that effectively the interest rate will be zero,” Edun stated.
On his official X page, Moghalu responded by saying that Nigeria is turning into a carcass and that “our political class its scavengers.”
“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,” he wrote.