The Federal Government in April announced its plan to spend the $800 million loan as ‘part of its subsidy palliatives measures’. Also, last week, President Buhari requested the Senate’s approval for the World Bank loan. It is unclear whether the request to the Senate is for a fresh loan or the one announced in April.

In the letter dated 13 May 2023 and signed by SERAP deputy director Kolawole Oluwadare, the organization 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.”

SERAP said, “Suspending any disbursement of the loan to the government would reduce the risks and vulnerability to corruption and mismanagement.”

The letter, read in part: “SERAP is concerned that the government is seeking to spend the loan when it has barely two weeks to leave office and when the project objectives and intended purposes for which the loan is reportedly approved and will be disbursed remain unclear.”

“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.”

“The World Bank cannot close its eyes to these important transparency, accountability and human rights issues.”

https://worldtopnewsng.com/fuel-subsidy-suspend-disbursement-of-800m-loan-to-nigerian-govt-serap-tells-world-bank/

Is fuel subsidy removal going ahead in June?



https://www.youtube.com/watch?v=H5tPChD_IOM